Upcoming auto insurance bills may look a little different for many drivers because a discount most companies started giving earlier this year is ending WAFB-TV reports.
The temporary break in car insurance rates is coming to an end as many drivers are getting back on the road.
“It’s creeping back up now and we’re seeing an increase in traffic, which results in an increase in the number of accidents and claims being filed,” says state Insurance Commissioner Jim Donelon.
He says many drivers have already started to see car insurance rates return to what they were before the pandemic.
Donelon says $215 million was returned in the form of credits and discounts in Louisiana during the past six months, but that is about to run out.
On top of that, Donelon says you can also expect to see an increase in homeowners insurance because of the active hurricane season this year among other large natural disasters nationwide.
“We anticipate probably on average a 10% rate increase for homeowners next year but not immediately,” Donelon says. Read the full story.