The Louisiana Association of Business and Industry is celebrating the tort reform legislation signed into law by Governor John Bel Edwards that aims to lower auto insurance rates. LABI President Steven Waguespack says the measure will lead to lower claims, lower settlements, and lower insurance rates for commercial drivers.
“For too long in Louisiana drivers have had to pay unfair, high rates. In fact, it is the second highest in the nation because of a flawed legal system. Everyone has known the problem forever. Now we’ve finally put a solution in place,” said Waguespack.
Waguespack believes there will be enormous benefits for commercial drivers with more competition among insurers.
“Now that we’ve reached out to insurers and let them know that Louisiana is open for business, I think you are going to see insurers across the state take a fresh good hard look at Louisiana, that’s going to be the trucking industry, the box truck industry, and then everywhere in between,” said Waguespack.
Waguespack says the history of high auto insurance rates has been devastating for the Louisiana businesses.
“It’s absolutely putting people out of business. It’s making a decision between bankruptcy and unaffordable insurance rates. This bill will change that,” said Waguespack.
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