Jim Beam column:Auto premiums 'eating our lunch'
When it comes to auto insurance,
In addition, The Advocate reported that Landry insisted during the session that legislators weaken other reform bills that were approved. Not happy about any of that, four separate legislative committees met Wednesday to hear testimony about the factors contributing to high personal and commercial auto insurance rates.
Here is the problem:
When it comes to the percentage of income spent on auto coverage,
I had two minor accidents in the last three years and my premium is going to increase by
Members of the
Investopedia, a media website that provides financial information, said the rule says damages awarded by a court to someone filing a lawsuit cannot be reduced by any amount that is paid to that person from other sources. Those other sources can include health insurance or property insurance, workers' compensation,
The Louisiana Radio Network reported that Landry said, "If you're going to protect the working class, the Collateral Source Doctrine is the only portion of tort law that protects the working class."
In his veto message, Landry said in 2020 the Legislature reduced the CSR amount injured parties can receive in court by 60% but car insurance rates have continued to rise. He said the CSR only impacts cases that are going to trial, and very few cases are actually going to trial.
"If you're driving a Ford and your Ford is damaged, you get another Ford. You don't get a Ferrari," Temple told the network.
Temple told
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The Advocate said Landry's bid for governor was funded in part by trial attorneys who represent and make money off of injured plaintiffs that sue businesses and insurance companies. And it said Landry protected the interests of trial attorneys during the session.
Landry said trial lawyers accounted for only 7% of his overall political contributions, but it was still a sizable amount.
Sen.
Yes, those are also legitimate reasons for high insurance rates but the costly court payments to drivers who file lawsuits are still a major factor.
Jim Beam, the retired editor of the
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