President Barack Obama has announced the formation of a task force to examine the car insurance premiums of Kentucky residents and to recommend changes to the policies they currently have. The task force is led by the Attorney General, Steve Beshear, and includes representatives from all the major car insurance companies in the state, including Kentucky State Farm Insurance Company, Geico Insurance Company, Progressive Insurance Company, Geico Insurance Co., and KBC Insurance Company.
President Obama, in an attempt to reduce auto insurance premiums across the country, has already introduced changes which he claims will reduce the premiums of Kentucky residents, by as much as twenty percent. These reductions are based on the assumption that young drivers who have not yet established a driving record will be allowed to pay a higher premium, due to their inexperience. However, these young drivers will also be charged a higher rate by other states, due to their inexperience. Beshear also wants to lower the premium that uninsured drivers pay.
According to the National Association of Insurance Commissioners (NAIC), Kentucky has the sixth-highest rate of uninsured motorists, out of fifty-six states. Kentucky also has the highest rate of personal injury accidents, and the fourth-highest rate of automobile-involved deaths, among the fifty states.
As attorney general, Kent Washington, has been the primary force behind many of these laws, and the reforms introduced in January 2020. Although Washington was forced to act quickly, he is convinced that his efforts to save money on the premiums of Kentucky residents is worth it. According to him, if all of the residents of Kentucky did not have any health insurance, then Kentucky would have the highest per capita health insurance rate of any state in the nation. The result would be that everyone would be paying more for health care, with disastrous results for everyone involved.
If you’re wondering how you can reduce your premiums while still maintaining good coverage, then you should know that your best bet is to contact a representative of one of the major car insurance companies in your state and tell them about your driving history and driving habits. They will then analyze your driving record and provide you with a quote for car insurance based on the information they have gathered. You may also be able to get a good discount for having multiple insurance policies with one company.
In addition, Washington is also encouraging his fellow citizens to take advantage of the new discounts and rebates available through the Kentucky Department of Insurance. for uninsured motorists, uninsured students, and drivers with good credit scores. As long as you can show that you have been driving safely or otherwise complying with all of the state’s traffic laws, you are eligible for one of these discounts.
Beshear and his task force have tried to discourage people from applying for cheap car insurance on the Internet, which is available only through brokers, but some of the brokers who are allowed to sell this kind of insurance online are charging exorbitant commissions. According to a recent investigation, some of these brokers have been allowing people to make up to fifty percent on their policies in order to compensate for the time it takes to get quotes from various insurers.
Another way to reduce insurance costs, according to Washington, is to enroll in a car or health care plans offered through a Medicare or Medicaid program. As a way to encourage more people to choose the right kind of coverage, Beshear has also introduced a tax credit for the purchase of more than one policy, in the form of an individual health insurance plan.