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New Law Allows Auto Insurance Rates to Rise
Thousands of drivers in Georgia may see substantial rate increases when it comes to their auto insurance because insurance companies are beginning to settle their own rates. These changes are occurring under a brand new law that just recently took offense on October 1, 2008. Some drivers in Georgia may experience rate increases by as much as 81 percent.
Nineteen insurance companies in Georgia have already set new rates that both new and renewing customers are going to encounter. Fourteen of these insurance companies have enacted average increases of between 2 percent and 11 percent, according to the Insurance Commissioner's Office in the state. For certain drivers, the increases are going to be significantly higher. For example, a 28 year old male who has an accident, a DUI conviction or one of a number of other violations while being insured through a company known as Central Mutual Insurance Co. could experience a rate climb by as much as 81 percent in coming months.
Drives who are insured through 21st Century Insurance may see their rates climb by a minimum of nine percent on top of a 7.5 percent increase that the insurer already received in August, while the state still possessed the authority to review and approve each insurance rate before hand. According to the Insurance Commissioner, John Oxendine, a lot of companies are coming in with very significant swings, with largest increases ranging between 24.5 and 81 percent and affecting as many as 60,000 drivers in the state.
Six of the companies that are raising their rates are owned by AIG or the American International Group, which is currently in line for a multi billion dollar bailout from the government. Representatives at AIG are not currently responding to requests for comments.
Four companies are actually reducing their rates by a fraction of a percentage, which includes State Farm Mutual Automobile Insurance Co., which is the largest insurer in the state with more than 1.4 million policies. The insurance company that intends to lower its insurance rates the most is Lincoln General Insurance Co, which plans to decrease its rates by a total of 10 percent.
When the law was debated by state lawmakers, its supporters said that allowing rates to be set by the insurers would spur competition, which would improve prices for consumers. Only 13 votes were against the law when it passed through the House and Senate.
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