To some extent, we believe quality comes at a price. However, when it comes to insurance, higher rates don’t amount to safer streets. As they stand, insurance premiums are prohibitive, and what happens when prices rise? People go without.
If we don’t enact meaningful insurance reforms, the industry will continue to raise rates and take advantage of drivers. For many Americans, driving isn’t a luxury. Cars provide an economic lifeline, allowing us to go to work each day and provide for our families. Although insurance would be a difficult and dangerous sacrifice to make, more and more drivers will choose to take that gamble. If you have to choose between putting food on your table or taking what might seem like a long-shot risk, what would you pick?
More uninsured drivers on the road mean more injured victims who won’t be compensated by private insurers. Without compensation, the burden of their medical costs will be assumed by all of us in the form of higher taxes. Victims will still require medical care and disability benefits, and they’ll be forced to seek them through social programs, increasing American’s tax burden.
In the lesser extreme, more and more Pennsylvanians will choose limited tort policies to save money. When their injuries aren’t compensated, they’ll become everyone’s problem.
We can’t afford to let the insurance industry continue unchecked. Insurance reform will save everyone money in the long run and make our roads and highways safer to travel.