Louisiana Insurance Commissioner TIM TEMPLE
Earlier this year, Louisiana saw its first decrease in auto insurance rates in five years, and insurance commissioner Tim Temple says they may not be done dropping. Temple says fewer accidents have resulted in fewer claims and less money paid out by insurance companies.
“I think that we could anticipate that those premiums should continue to come down. As long as they pay less in claims, they can charge less in premiums,” Temple explained.
Temple says 46 auto insurance providers have lowered premiums recently, saving drivers $400 million. He says the decrease in accidents is part of a nationwide trend largely due to safety features in new vehicles.
“Whether it’s the backup sensors, so you don’t back into a vehicle or a person, or if you’re traveling down the highway and you start to come up on a vehicle quickly, your seats vibrate or whatever it is; we’re having fewer accidents,” Temple noted.
That leads to fewer injury claims and litigation for insurance companies.
Temple says one auto insurer, Lemonade, even rewards drivers for enabling autonomous driving. Temple says their data shows that self-driving vehicles get into less accidents than human drivers.
“That car is not checking its email, out looking at a text, talking on the phone, reaching across in the passenger seat to pick something up; it is 100% focused on driving,” Temple said.
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