re: I thought Tort Reform was supposed to lower my car insurance rates?

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Every single one. It’s unreal.

But muh jury limits.

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Explain why Texas premiums continued to rise after tort reform?

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Explain why Texas premiums continued to rise after tort reform

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I can’t and never professed too. Don’t know anything about them. I do have some familiarity with Louisiana’s plaintiffs and defense bar, and insurance companies. And all I can tell you is that the “tort reform” passed recently by the state legislative didn’t do shite.

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And even if they had it would do nothing to lower premiums.

There may or may not be a good reason for passing them anyway, but let’s at least tell the truth about how the average Louisianaian will be impacted.

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Don’t disagree with any of that.

You thought wrong. Like so many others.

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Texas has safer drivers?


Industry algorithms that are somewhat truth based somewhat designed to maximize profits. Basically it’s state to state collusion but done so in a way that it’s sort of kind of based in reality.

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Litigiousness likely isn’t perfectly correlated with that.

I’d guess most voters hoped “tort reform” would do some good, but deep down since it’s LA knew not a god damned thing would likely change for the betterment of taxpayers.

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the city was on pace to end the year with 6,377 car break-ins — a 57% increase from 2018. The count has increased in each of the last five years, and has gone up by about 160% since 2015, when there were 2,439 vehicle burglaries, according to statistics collected by the City Council.

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NOLA link

Historically insurance companies broke even on loss costs (claims). They made their money on investing the premiums. All that changed in the 1990’s when Allstate figured out they could make money by lowballing claims payments.

They also figured out they could push tort reform to lower judgments from jury verdicts- which had the added benefit (to them) of harming injury victims and their lawyers. Lower verdicts lowers settlements across the board- plus makes it economically inefficient for plaintiffs lawyers to try cases (although mandatory mediation means few cases are tried anyway.

Did those lower loss costs result in lower premiums? Nope. Just higher profits for insurance companies.

It’s not only Louisiana. This has nationwide (no pun intended). We all got played.

Big Jim the commissioner gonna save the day. Ins companies are terrified of Big Jim.

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This. Louisiana claims are not related to actual injuries. Every accident, no matter how minor, is simply another lottery ticket where the plaintiff treats until he exhausts the policy limits. When every injury claim costs $15,000, $25,000, $50,000, etc., depending on the amount of coverage the at fault driver happened to carry and the UM coverage of the plaintiff, plus all the claims adjusting and legal expenses, premiums have to be high to cover all that.

Until the plaintiffs, their lawyers and their doctors are prevented from continuing this game and less money is paid out, premiums aren’t going to drop.

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I’ll take your word for this for the sake of this thread, but are juries not smart enough to see through this charade?