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Auto insurance rates increase for Louisiana drivers

A new state law raises the minimum amount of auto insurance coverage that drivers must have, increasing costs for many

Under a state law passed in 2008, auto insurance rates will increase for many drivers in Louisiana starting this January.

The law increases the minimum coverage amount for Louisianans. Previously, drivers in the state had to have $10,000 in coverage for injury or death to one person, $20,000 for injury or death to more than one person and $10,000 for property damage – a so-called 10-20-10 requirement. The new standard is 15-30-25.

Richard Piazza, chief actuary for the Louisiana Department of Insurance, said to the Associated Press that the average minimally-insured driver’s insurance bill would go up $71. But, said state insurance commissioner Jim Donelon, 40 percent of the state’s 2.5 million insured vehicles were only minimally covered, meaning that a lot of drivers will be subject to the new regulations.

The state’s minimum coverage requirement is more than three decades old.

Wisconsin is instituting a similar law, thanks to near-30-year-old auto insurance minimums: its coverage went from 25-50-10 to 50-100-15 on New Year’s Day.

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Posted: January 5, 2010

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