More Insurance Rate Cuts Announced for Louisiana Motorists
Driving in Louisiana just got or is going to get just a little be less expensive to do. Well, driving with automobile insurance in Louisiana will be getting cheaper. Insurance Commissioner Jim Donelon's office made an announcement yesterday concerning a rate decrease for policyholders who have their insurance with Progressive and Farm Bureau.
According to Donelon's office, Progressive submitted a decrease of 2.3% on new policies. This will be effective on new policies booked after August 21st and renewed policies effective September 18th. Meanwhile, Farm Bureau will be cutting rates by 7.5% on new and renewal policies with an effective date of October 1st.
Rate decreases have been more the norm than the exception for these two particular companies over the past year or so. Farm Bureau was recently approved in October of 2019 for a rate decrease of 4.4%.
Progressive has requested and been approved for four different rate decreases over the past 22 months. The total of those rate decreases was about 6.2%. The state's other major auto insurer, State Farm announced a rate decrease of 9.6% back in July.
Those three companies, State Farm, Progressive, and Farm Bureau, provide auto insurance coverage for more than half of the state's drivers. In total, they're responsible for more than 1.5 million policies in the state.