Sunday, February 13, 2011

Ensuring Insurance Profits

In a stunning discovery of economic development, the state Senate voted "to lower the minimum amount of insurance driver must carry." Yes, in the midst of the Great Recession, nothing says job creation like lowering the minimum insurance amount.

As Sen. Bob Jauch (D-Poplar) explained, "This bill leaves the victims holding the bag when damages exceed the minimums."

It was just back in 2009 when then Governor Jim Doyle made auto insurance mandatory and required minimum coverage.

But now, as is the wish of Republicans and one sell-out from Stevens Point, "buying underinsurance coverage would not be required." Insurance companies would also be allowed to put people in a high-risk category, thus charging higher premiums. The bill also "allows insurers to insert reducing clauses...that could lower the amount drivers collect when they are hit by underinsured drivers."

Just more cronyism - this time, for the insurance companies, with some tort-esque policy baked right in.

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