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Car Insurance Louisiana – Home » Auto Insurance Rates by State » Louisiana » Louisiana Auto Insurance 101 (Comparing Costs and Companies)
Louisiana Auto Insurance 101 (Compare Costs and Companies) Louisiana Auto Insurance Law 101 requires all Louisiana drivers to carry minimum liability insurance, which costs an average of $66 per month in Louisiana. Louisiana auto insurance is even higher, averaging $275 per month, which is important when comparing Louisiana auto insurance rates.
Car Insurance Louisiana
Jimmy McMillan is the entrepreneur and founder of HeartLifeInsurance.com, an independent insurance brokerage. His company specializes in insuring people with heart problems. He knows firsthand how difficult it can be to get health and life insurance after a heart attack. Jimmy is a coast-to-coast licensed insurance agent featured in ValiantCEO and Modern Le.
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Michael Vereke is the Chairman of Client First Insurance Group. He has been a licensed insurance agent for over 13 years. He is also certified as a Commercial Line Specialist (CLCS), giving him the expertise to identify defects in commercial coverage. Since 2009, it has been working with several insurers, giving it unique distinctions in the insurance market, differences…
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Louisiana Car Insurance Laws
Louisiana car insurance is expensive, so drivers should take the time to read 101 Louisiana car insurance tips and ways to save. Our guide explains everything Louisiana drivers need to know about finding cheap Louisiana auto insurance, from the best Louisiana auto insurance discounts to the best auto insurance companies in Louisiana.
Use the free quote comparison tool above to quickly find cheap auto insurance rates in Louisiana. It will compare auto insurance rates from Louisiana companies to help you find the best rate.
There are many unique aspects to living in Louisiana. Louisiana is the only state in the United States without any counties. Its political subdivisions, or district equivalents, are called parishes.
Did you know that in Baton Rouge, Louisiana, the tallest state capitol building in the United States stands at 450 feet and 34 stories? In addition, the New Orleans Superdome is the largest permanent domed structure in the world, and Lake Pontchartrain is the world’s longest bridge over water.
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Why are there so many Cajuns in Louisiana? Well, the descendants of the Acadians were expelled from Canada in the 18th century because they were not loyal to the King of England.
With plenty of good times — for example, the state hosts North America’s largest Mardi Gras — and home to hard-working people, Louisiana is a beautiful state with a unique culture that can’t be found anywhere else.
Are you a current Louisianan or thinking of moving to the Pelican State? No matter which country you call from, you will have car insurance requirements to register your car. And the country you call home can certainly affect your car insurance premium. This is especially true in the state of Louisiana.
In this guide, we’ll provide you with the information you need to choose the right auto insurance policy to meet the needs of you and your family in the Sugar State.
Louisiana Car Insurance (coverage, Companies, & More)
Read about the minimum requirements for Louisiana auto insurance and how we can help you get the best deal.
Louisiana is a beautiful state with beautiful roads. But there are some potential pitfalls for drivers.
According to Hartford, “Although it’s full of charm and excitement, there are several reasons why Louisiana isn’t the best place to drive. The state has the highest insurance rates in the nation and ranks first on the list of highway hazards. Driving accident rates have been focused on.”
Like every other state in the country, drivers in Louisiana have minimum state requirements when it comes to insurance.
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Louisiana is a so-called FAULT state, which means, according to NOLO, that drivers are “financially responsible for the consequences of all accidents caused by motorists.”
Knowing that you could be financially responsible for all the damages if you are involved in an accident can be scary. But having the right auto insurance provider by your side can help alleviate these fears. And we’re here to help you find the right one.
Louisiana law, like most state laws, requires every driver to prove financial responsibility at all times.
According to the Louisiana Department of Public Safety’s Office of Motor Vehicles, “Proof of Future Financial Responsibility is shown in the form of a Certificate of Insurance (SR-22) issued by an insurance company in cash or cash. Louisiana business.” In the form of unencumbered securities deposited in the state treasury in the amount of $30,000.00, or this Bonds posted to the agency in the amount of $30,000.00.”
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As we’ve already mentioned, Louisianans pay more for car insurance than the rest of America.
Our research shows that people in Players Paradise spent 3.61% of their income on auto insurance in 2014, compared to the national average of 2.29%. The table below shows premiums for Louisiana residents as a percentage of median income for 2012-2014.
Since car insurance in Louisiana is quite expensive, it is important to find the best car insurance. Use the handy calculator below to find out what percentage of your income you can put toward your car insurance premiums.
A big part of getting the best deal on auto insurance, especially in a high-premium state like Louisiana, is understanding the types of coverage that different companies offer.
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The table below shows the four most commonly purchased types and the average annual price people in Louisiana can expect to pay for each.
Liability coverage is required by the state. If you are involved in an accident, this type of coverage will cover the damage caused to another person’s person or property. However, be aware that liability insurance will not pay for your injuries or damages. This is where confrontation and/or complex coverage come into play.
In general, collision coverage pays for your damages and injuries if you collide with another object, if your vehicle is lost, stolen, or damaged, such as by a flood or earthquake.
When liability, comprehensive and collision are combined into one policy, you have something called comprehensive coverage.
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But remember: If you’re charged after an auto accident on one of Louisiana’s highways, more comprehensive coverage can help protect you from financial hardship.
But first, how do you know if the car insurance company is right for you? Knowing a company’s loss ratio can help you determine whether it can provide you with the auto insurance coverage you need.
But wait, you might be asking yourself (unless an MBA or insurance expert like you), what is the extent of the loss?
A simple loss ratio shows how much an insurer spends on claims versus how much it receives in premiums.
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Here’s an example: If a company spends $50 on claims fees for every $100 it receives in premiums, its loss ratio is 50 percent. A loss amount greater than 100 percent means the insurer is losing money. But also keep in mind that an unusually low loss ratio means that the company is not paying much in claims, which may indicate that they are providing excellent customer service.
For 2017, the National Association of Insurance Commissioners (NAIC) found that the national average loss rate was 73%. Our research shows that the “sweet spot” for loss ratio is slightly below this average, between 60 and 70 percent.
But if you are involved in a car accident, what else can you do to protect yourself and your belongings?
In the next section, we’ll look at some of the great add-ons you can easily add to your existing or new auto insurance policy.
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Many auto insurance companies offer a variety of add-ons, endorsements, and riders to supplement your standard insurance. These items can help protect you and your vehicle in the event of an accident or other vehicle accidents.
Personal injury protection, or PIP, may be a good option for you. PIP, often called “no-fault insurance,” covers medical bills caused by an accident regardless of who was at fault.
