The Louisiana Association of Business and Industry is reaching out to auto insurance companies who are not currently offering coverage in Louisiana to let them know about the state’s legal reform from the most recent legislative session. LABI President Stephen Waguespack says they have sent out more than 1,100 letters this past week.

“The more competition we get, the more we have choices for consumers, the more we will see individual and commercial insurance rates go down,” said Waguespack.

Waguespack says there are so few choices for commercial auto insurers in Louisiana, that it will only take a handful of companies to start writing new business to see major changes in rates.

“If you are trying to run a family farm, you’re trying to run a small trucking company, you have a box truck to move goods across town, then you can only get two options so each year your premiums go up because there is no competition,” said Waguespack.

Waguespack says the recent tort reform has made the state’s judicial system more transparent and fair than ever before.

“Look, this isn’t a tilted scale we’re selling.  We’re selling a fair and independent process and that is what insurance companies have always looked for and now we are saying we now have it.  Come on down to Louisiana and bring your services here,” said Waguespack.

The Louisiana House Democratic Caucus released a statement saying insurance companies made the promise to legislators and the public to lower rates over and over again adding, “Now we know that promise was false—all part of a strategy to trick Louisiana’s working people into supporting something that won’t help them one bit.”

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