41 insurance companies reduce rates for Georgia policyholders

Dozens of insurance companies have reduced rates in Georgia this year, according to a news release from the state House of Representatives.

Georgia Insurance Commissioner John King informed Georgia House Speaker Jon Burns and state Rep. Matt Reeves, R-Duluth, that 41 insurance companies have reduced rates following the work of the House Blue-Ribbon Study Committee on Insurance Rates and House Bill 1344, the Insurance Affordability Act.

“The House Insurance Rate Study Committee worked across the state and across the aisle to make insurance more affordable for hardworking Georgians, and the people of Georgia are seeing the results,” Reeves said in the release. “I heard from a young, single driver that he is saving $1,200 per year and from a family that they are saving $6,000 a year in their recent policy renewal. Georgians can now shop around and save money, while rates are still going up in other states.”

More than 3.6 million Georgians have policies with the companies that have reduced rates. Auto, home and business policyholders have or will save over $500 million this year.

House Bill 1344 increased the Insurance Commissioner’s fraud investigation powers and protects judges’ personal information while also instituting bans against unethical practices and enhancing penalties for uninsured drivers.