Commissioner: Farm Bureau to Drop Auto Insurance Rates in Louisiana
Louisiana Farm Bureau is following the downward trend in auto insurance rates started by State Farm and Progressive insurance companies, the Louisiana Department of Insurance reported.
Louisiana Farm Bureau has filed for a 4.4% rate decrease on 220,000 automobile policies, the department said.
“Louisiana Farm Bureau’s request for a rate reduction is further indication of the downward trajectory for auto rates in Louisiana,” Insurance Commissioner Jim Donelon said in a media release. “In the last year, three of the top auto insurers in our state have sought rate decreases for Louisiana drivers. This reduction, along with those previously taken by State Farm and Progressive, further confirms that automobile insurance competition in Louisiana is moving premiums in the right direction.”
Louisiana Farm Bureau is the sixth-largest auto insurer in Louisiana and this rate decrease will mean lowered premiums for over 1,500,000 automobile policyholders when combined with the earlier reductions taken by State Farm and Progressive.
The reduced rates are projected to take effect August 1, 2019 for new and renewed policies.
Source: LDI