On his weekly radio show, Louisiana Governor Mike Foster told his audience he plans to meet with various insurance industry groups to discuss ways to lower the state’s auto insurance rates.
According to the New Orleans Times Picayune, Foster commented on the radio show that he wants the industry to “tell us why our rates are much higher than our neighbors.” Foster’s comments were prompted by a caller’s complaint about his high insurance rates.
Louisiana insurance regulators recently approved a 14 percent increase in auto rates for State Farm companies, which insure more than one-third of the state’s drivers.
Although insurers have previously blamed poor road conditions and the fact that Louisiana drivers have more accidents than those in neighboring states for Louisiana’s rates, the governor disputed those arguments. He stated he “won’t buy that” if the industry tries to use bad roads as a reason for higher rates.
Foster has indicated he backs an increase in gasoline tax that would be used for highway repairs and construction.
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