Do you think your auto insurance rates are too high? Shop around! It seems that every day we hear ads on the radio and TV where insurance companies are offering lower rates on insurance. It is called the free market.
But no. Our Democratic colleagues want to further regulate the auto insurance business by passing HB4993. This bill allows the Office of Financial and Insurance Services or any consumer to challenge their insurance rates, setting up a hearing process where bureaucrats in Lansing can arbitrarily decide whether a private insurance company can raise rates or not.
We can try to bring "equity" to the process, but all we will end up doing is providing enough of a negative incentive to the insurance companies that they will simply decide not to do business in the state. As the number of auto insurance companies decline, the price for auto insurance will, of course, go up.