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Started By
Message
re: Insurance rate increases
Posted on 6/20/23 at 2:05 pm to lsudat10
Posted on 6/20/23 at 2:05 pm to lsudat10
quote:
Because Louisiana takes more property losses and has more uninsured drivers than the rest of the country, besides Michigan.
So its the property claims that are driving up the costs and not the personal injury? Wow thats crazy.
Posted on 6/20/23 at 4:16 pm to DevilDagNS
quote:
So its the property claims that are driving up the costs and not the personal injury? Wow thats crazy.
The liability claims and amount of uninsured drivers has always been a factor in keep LA one of the highest state for auto insurance. Thats didnt change but add the following into the mix:
1.Labor wage increases due to labor shortages. No one wants to work so labor rates have increased to try and get workers.
2.Technology in the auto are abundant and components prices and availability are costly and in short supply.
3.Number of parts per claim. There are more individual parts to repair and replace than before. More parts more labor hours at increased labor wages....
4.Increase in amount of hours per claim. This one completes 3. It is taking longer to repair autos.
5.Increased storage and/or rental costs because it is taking longer to complete repairs because or labor shortage, more parts, waiting on parts.
Posted on 6/20/23 at 5:20 pm to DevilDagNS
quote:
So its the property claims that are driving up the costs and not the personal injury? Wow thats crazy.
Uh… it’s both. As I wrote. Personal injury falls under the liability category. And it’s not going to get any cheaper.
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