ForsythSnow
Moderator
I'm sure that's part of the problem, but my point on car costs does too. The chip shortage in car manufacturing during Covid completely disrupted both car markets and supply/demand caused us to be here. More accidents happen in denser areas but we're too car-centric to have alternative transport, so accident rates stay high. When people can only buy expensive cars, and cheaper models get totaled daily, the companies have to make money somehow, so they make you pay through the nose so if something happens, we all pay for it.That's really not having an effect on the insurance market in Georgia right now. Policies only pay out the limits that they have. Many people have low limits and don't even know it and they're on the hook for the rest if they're limits are not enough. The biggest problem in the Georgia insurance industry is the amount of tort reform that is needed. When someone can get paid $500,000 for a minor scratch on their bumper because they claimed physical or mental damages is absurd.
On your point, that's regulations which I'm sure some people would have problems with, so we can only hope for change there. It also comes down to judges, so if they rule in favor or against these ridiculous suits that's on them, not the agencies. It's only on the agency when they lose millions to stupid cases.
Either way, it's still going to get more ridiculous and the only way to make it go down is get cars off the roads where possible.