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re: Car Insurance - "What is your claim worth"?
Posted on 2/18/20 at 2:42 pm to Lakeboy7
Posted on 2/18/20 at 2:42 pm to Lakeboy7
quote:
Moreover, the insurance companies admitted in committee that the tort reform measures would not result in a reduction of premiums
Well duh. Of course they would say that. That have to. They have shareholders and Executive Comp. That is why you have an insurance commission that negotiates them down. Insurance companies are not going to weaken their hand by saying Oh yeah they'll go down.
This post was edited on 2/18/20 at 2:43 pm
1
Posted on 2/18/20 at 2:43 pm to boosiebadazz
quote:
Did you know the jury threshold in Michigan is $0? True story, look it up
I know.. Michigan's main issue is their PIP is unfrickinlimited
Posted on 2/18/20 at 2:44 pm to Jim Rockford
quote:
This wouldn't be a shitshow at all.
Clearly he has not dealt with pro se plaintiffs before.
This post was edited on 2/18/20 at 2:46 pm
Posted on 2/18/20 at 2:45 pm to LSUFanHouston
A ticking time bomb in the auto world are state minimums. As vehicles have gotten expensive, minimums have stayed relatively flat. So you Generals, Go-Auto, etc. will never make you and I whole if their client is at fault. Then our respectable insurance companies have to cover the difference. It is a lose/lose for our insurance companies, regardless of who is at fault, if we have an accident with a min carrier.
Posted on 2/18/20 at 2:47 pm to boosiebadazz
You’re forgetting there would be far fewer frivolous lawsuits that would proceed with a higher barrier to entry ($5,000 threshold and 2 years’ proscription for jury trial (Texas) versus $50,000 and only 1 year in Louisiana).
Currently any claim under $50,000 (highest threshold in entire country) is decided by an elected judge, who was most likely a recipient of campaign contributions from the billboard attorneys and/or a former billboard attorney himself, in a lawsuit brought by a claimant who knows he has only 1 year to bring suit and is focused on his short term needs rather than the merits of his case.
A billboard attorney isn’t going to bring (and finance) anything but bona fide case if he actually has to prove damages. The courts would be unclogged of frivolous suits almost immediately with any form of a higher standard to sue. It’s too easy now to score a quick jackpot with the current rules, plus claimants in general and in this thread can’t manage basic finances for things like accidents are incentivized to file because of the relatively short proscription period.
Currently any claim under $50,000 (highest threshold in entire country) is decided by an elected judge, who was most likely a recipient of campaign contributions from the billboard attorneys and/or a former billboard attorney himself, in a lawsuit brought by a claimant who knows he has only 1 year to bring suit and is focused on his short term needs rather than the merits of his case.
A billboard attorney isn’t going to bring (and finance) anything but bona fide case if he actually has to prove damages. The courts would be unclogged of frivolous suits almost immediately with any form of a higher standard to sue. It’s too easy now to score a quick jackpot with the current rules, plus claimants in general and in this thread can’t manage basic finances for things like accidents are incentivized to file because of the relatively short proscription period.
This post was edited on 2/18/20 at 2:50 pm
Posted on 2/18/20 at 2:52 pm to lsu13lsu
quote:
I know someone that got $250K. They were hit by my friend. Got out and said everything was fine, don't worry about it. Very minor accident and they were by themselves. A few weeks later a legal letter came in saying they were filing suit for insurance maximum because she had her grandkids in the car and all were injured.
Is there no process at all in this state that someone has to prove injuries to get this kind of pay out?
I was in a wreck last month and my kid was in the car with me. It was pretty minor. Their insurance company paid for my repairs and all was well.
I'm wanting to now see if I can get some kind of small payment for the depreciation on my cars value since it is only a year old.
Posted on 2/18/20 at 2:57 pm to lsu13lsu
An insurance commissioner who has received over 700k from those same insurance companies in last couple of years is going to negotiate rates down for them? Now you are arguing against yourself.
Posted on 2/18/20 at 3:03 pm to Verbal Kent
From the Baton Rouge Business Report:
In response to questions about the existence of a “widow’s penalty,” which increases auto insurance rates for widows, Donelon says no such penalty exists, contending that higher rates pertain to all single women, not just widows. When asked if he thought insurance companies should be allowed to base rates on gender, considering the documented gender-based pay disparity, Donelon expressed his support, saying it’s based on data. He was unable to name where that data comes from.
“Do I think there should be a difference? I do,” Donelon says. “I think that the actuarial cost is what should drive who pays what. I am against education and occupation. I am for gender if it’s actuarially proven.”
The comments on the Widow Penalty are a complete flip-flop, coming just months after he told the same audience that he supported legislation to ban the Widow Penalty. In September, while in a heated re-election campaign, he told the Press Club that would “absolutely” support a ban on the widow penalty, calling it a “good suggestion.”
In response to questions about the existence of a “widow’s penalty,” which increases auto insurance rates for widows, Donelon says no such penalty exists, contending that higher rates pertain to all single women, not just widows. When asked if he thought insurance companies should be allowed to base rates on gender, considering the documented gender-based pay disparity, Donelon expressed his support, saying it’s based on data. He was unable to name where that data comes from.
“Do I think there should be a difference? I do,” Donelon says. “I think that the actuarial cost is what should drive who pays what. I am against education and occupation. I am for gender if it’s actuarially proven.”
The comments on the Widow Penalty are a complete flip-flop, coming just months after he told the same audience that he supported legislation to ban the Widow Penalty. In September, while in a heated re-election campaign, he told the Press Club that would “absolutely” support a ban on the widow penalty, calling it a “good suggestion.”
Posted on 2/18/20 at 3:03 pm to Verbal Kent
quote:
An insurance commissioner who has received over 700k from those same insurance companies in last couple of years is going to negotiate rates down for them? Now you are arguing against yourself.
Even so, you expect insurance companies to admit when they can lower rates?
Posted on 2/18/20 at 3:11 pm to 2tigergo
"If there would be a limit on attorney profits, or an agency regulating the fees that attorneys can charge, I would take your statement more seriously"
That sounds like communism. Are you a closet Stalinist?
I make a good living, but I work extremely hard for it and take alot of risk. Gamble my own effort, expertise and money that I will win. If I lose, that money is gone and so is my time. But, I also don't charge a fee over one third and promise in my contract that I will never take a fee greater than my client's recovery, so when a case goes bad (and they do) I suffer with my client.
That sounds like communism. Are you a closet Stalinist?
I make a good living, but I work extremely hard for it and take alot of risk. Gamble my own effort, expertise and money that I will win. If I lose, that money is gone and so is my time. But, I also don't charge a fee over one third and promise in my contract that I will never take a fee greater than my client's recovery, so when a case goes bad (and they do) I suffer with my client.
Posted on 2/18/20 at 3:13 pm to notiger1997
quote:
Is there no process at all in this state that someone has to prove injuries to get this kind of pay out?
Yes. That all didn’t go down over the weekend.
ETA You think the insurance companies will just give out $250k all willy nilly? I can guarantee you they haven’t collected anywhere near that in premium from their insured, so they’re not just giving it away whenever someone files a claim for it.
This post was edited on 2/18/20 at 3:16 pm
Posted on 2/18/20 at 3:16 pm to lsu13lsu
That's not it, they know it won't lower rated because so many other factors play a role in the rates. When "no pay, no play" was passed they agreed to lower rates by 10%, that lasted one year and the rates went back up and so did their profits.
When legislation was pending that would add a mandatory reduction in premiums if a tort reform bill is passed, the insurance companies have routinely killed the legislation because they do not want to lower rates.
However, for the record, State Farm and Farm Bureau both lowered their rates last year AFTER the tort reform bill failed. Please note, it was AFTER. They were trying to pass the bill so they could claim credit for premiums reductions-that were happening anyway.
When legislation was pending that would add a mandatory reduction in premiums if a tort reform bill is passed, the insurance companies have routinely killed the legislation because they do not want to lower rates.
However, for the record, State Farm and Farm Bureau both lowered their rates last year AFTER the tort reform bill failed. Please note, it was AFTER. They were trying to pass the bill so they could claim credit for premiums reductions-that were happening anyway.
Posted on 2/18/20 at 3:17 pm to TDsngumbo
quote:I got a good laugh on this one
The bigger issue is that insurance companies refuse to pay a dime until you settle your entire claim, waiving your right to future indemnity.
Years ago I was in an accident and injured my shoulder. Other guy's fault. I had some severe deep pain in my left shoulder for almost a year. A month into the claim, the adjuster tells me he won't pay me back for my co-pays and other costs related to the injections and medication, along with CT scans and MRI's until I close the claim.
Hmmm, well frick you Mr. Adjuster. I don't know how long I'm going to need treatment and nobody's paying me interest on the money I'm out of pocket until I settle the claim. I'm wiping my hands of this right fricking now and getting my attorney involved.
That adjuster had the option of paying me $1,500 to reimburse me from all my out of pocket expenses and he, being forced by the company he worked for, refused. Instead I got a lawyer involved and he ended up paying me $15,000.
It's not my fault insurance companies have dumb arse claims handling procedures. I wasn't looking for a payout but I got pissed off when he denied my requests to be reimbursed each time I went to the doctor. I didn't want to deal with it and I was angry.
THAT'S the problem with insurance costs everywhere, not just in Louisiana. Change the way insurance companies operate in situations like the one I described and I guarantee you'd see a dropoff in those obtaining lawyers after accidents.
Posted on 2/18/20 at 3:17 pm to Verbal Kent
quote:
I ask you, lets say you make a product, and you can pass legislation that makes it cheaper for you to make the same product, do you pass on the savings to the consumer, or do you put more money in your pocket? Insurance companies will just put more money in their pocket and your rights to recover have been curtailed in the event that you are wronged.
I understand the insurance company doesn't want to pay claims as that dips into their profit. I addressed that in my OP.
How is it the other 49 states have figured this out, and we haven't?
quote:
-the quality of our roads,
There are crappy roads all over
quote:
the large number of uninsured motorists (which results in more claims made by people who are insured against their own policy for property damage),
Well, having the highest premiums in the country probably causes a large number of uninsured motorists, don't you think?
quote:
the fact that our minimal limits are 15K which is the lowest in the country
I'm fine raising them. Why haven't we?
quote:
and that there are more single and poor people in Louisiana (which their actuaries place a higher risk of being in an accident),
There is a lot of states with poor people that have lower rates than us.
quote:
unenforced distracted driving laws
Are they less unenforced than other places? Seems like I'm always reading stories all over the country about accidents involving distracted driving.
quote:
Frivolous lawsuits get dismissed. I turn down lots of them.
Look, I'm sure people like you and Boosie are good people who are really trying to help others. But there is a ton of pine scum in your industry, and y'all, as an industry, refuse to deal with it.
Police your own, and then get back to us.
This post was edited on 2/18/20 at 3:25 pm
Posted on 2/18/20 at 3:20 pm to 2tigergo
quote:
If there would be a limit on attorney profits, or an agency regulating the fees that attorneys can charge, I would take your statement more seriously.
When attorneys go on a percentage of the claim, they become no different than realtors. They want to jack the claim as high as they can, because that's more money for them.
Posted on 2/18/20 at 3:20 pm to Verbal Kent
quote:
However, for the record, State Farm and Farm Bureau both lowered their rates last year AFTER the tort reform bill failed. Please note, it was AFTER. They were trying to pass the bill so they could claim credit for premiums reductions-that were happening anyway.
That doesn’t fit the narrative.
I wonder if Gorgon, Morris or DD cut their fees?
Posted on 2/18/20 at 3:22 pm to Verbal Kent
quote:
An insurance commissioner who has received over 700k from those same insurance companies in last couple of years is going to negotiate rates down for them? Now you are arguing against yourself.
And elected judges who decide many of these claim cases, are all pocketing campaign contributions from your fellow attorneys.
Posted on 2/18/20 at 3:28 pm to LSUFanHouston
All of this. Bottom line: Louisiana sucks and too many people are benefiting from it sucking. The bottom is sucking off the tit and the top is well...on top.
ETA: As with most things, the people in the middle are crushed.
ETA: As with most things, the people in the middle are crushed.
This post was edited on 2/18/20 at 3:34 pm
Posted on 2/18/20 at 3:29 pm to LSUFanHouston
quote:
And elected judges who decide many of these claim cases, are all pocketing campaign contributions from your fellow attorneys.
As is the governor.
Posted on 2/18/20 at 3:33 pm to Verbal Kent
quote:
Verbal Kent
According to this study, LA has 13% uninsured drivers.
That's exactly the national average, and the 20th highest state in the country.
LINK
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