Insurance Industry: We Like Georgia’s 2009 Laws

The insurance industry is anticipating a profitable 2009 thanks to new Georgia laws taking effect January 1st.

Georgia’s insurance commissioner no longer has the power to control auto insurance rate increases. Commissioner John Oxedine fought that change, which took effect in October. He says auto insurance rates could spike by twenty five percent or more. The industry says the change will allow more competition. Most motorists renew their policies in January.

Also, this year motorists will have the option of choosing Uninsured motorist coverage. Insurance companies say UM, as it’s called, offers protections against hit and runs. Some consumer advocates say it’s a profitable product that offers little real world protection.