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Wednesday, 19 August 2020 21:27

Two More Auto Insurance Companies to Cut Costs for Louisiana Policyholders

Two major auto insurers have been approved for rate decreases for private passenger policies in Louisiana, state Insurance Commissioner Jim Donelon said Aug. 17.

Progressive Insurance Group is reducing rates by 2.3% on new business effective Aug. 21 and for renewal business effective Sept. 18. Louisiana Farm Bureau Group submitted a rate filing for a decrease of 7.5% on new and renewal business, both effective Oct. 1.

 

The announcement follows one from State Farm Insurance Company, which in July announced a rate decrease of 9.6%.

 

Combined, the three companies cover more than 50% of the private passenger auto insurance market in Louisiana and total 1.5 million policies, Donelon’s office said.

 

“These rate decreases are further proof that increased competition in the state’s auto insurance market is continuing to bring about savings for our policyholders,” Donelon said in a statement. “When we see rate decreases from one of our top 10 companies, it usually isn’t long for the rest to follow suit.”

 

We thank Houma Today for reprint permission.

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