According to recent reports, one of the officials of an auto insurance trade organization is insisting that a Wisconsin legislator needs to do something about the pending budget bill containing provisions that will increase the state car insurance coverage requirements.
Wisconsin Insurance Alliance President, Andy Franken, said that revisions need to be made to the pending legislation proposed by Wisconsin Governor Jim Doyle as it will definitely turn costs or rates of insuring vehicles for low to middle income earning drivers, higher and more expensive. Property Casualty Insurers Association of America, group composed mainly of insurance providers, have the same recommendations as Franken and predicts that once this bill is passed; it will increase premium charges boosting expenses of many motorists and car owners. Two major insurance groups have said that this budget bill is set to increase required coverage of per person injury level from the original amount of $50,000 to $300,000. Limit for one person or car driver would increase from $25,000 to $100,000 while property damage requirement set at $10,000 will go up to as high $25,000.
Regardless of the reactions made by organizations, this budget bill and legislation was still passed by both the Assembly and the Wisconsin Senate. Included in this approved bill are provisions that clearly identify a need for upgrading the coverage level requirements for each car driver or vehicle owner in the state.
At this point, Franken is still optimistic and still hangs on to his positive attitude, saying that he will still take chances and make attempts to have this bill modified before it finally gets ratified or approved. In an interview, Franken calmly commented on the issue and said that there is a good chance that this bill will remain as it is. However, Franken mentioned that he is taking some actions to persuade members of the Assembly and Senate to reduce the effects of these car insurance provisions.
According to a report from Property Casualty Insurers Association of America, drivers who belong to the low to middle income bracket from east central, northern, southern, and western Wisconsin counties will receive the highest percentage increases in liability coverage premium coverage. Meanwhile, low to middle income earning drivers from Milwaukee can expect to receive the highest increases when it comes to actual premium rate prices to be paid.
Franken is confident that there is still a possibility for him make changes happen, even though insurance experts in the state say that chances of this happening is getting slimmer each day.
