Insurance Department: Auto Insurers to Return Over $187M to Louisiana Drivers
The Louisiana Department of Insurance says collectively auto insurers will return more than $187 million in premium to drivers in the state in the form of refunds and rebates on auto insurance policies.
Insurance Commissioner Jim Donelon notes that auto insurers in Louisiana and across the country are providing premium reductions and rebates to policyholders during the ongoing crisis brought on by COVID-19. Because most drivers are following the stay at home order, there are less miles being traveled which has resulted in fewer accidents. As a result of this dynamic, many auto insurers are now sharing their savings with consumers.
As of April 15, the insurers below have announced or provided the LDI with the details of a rebate or rate reduction program. The list includes 13 of the top 20 auto insurers doing business in the state.
Companies Offering Premium Payback Due to COVID-19
| Group/Company |
2019 Written Premium |
2019 Market Share |
COVID-19 Related Return Premium |
# Months Return Premium |
Projected Return Premiums |
| STATE FARM GRP |
$ 1,442,012,580 |
29.5% |
25% |
2.37 |
$ 71,099,231 |
| PROGRESSIVE GRP |
$ 803,097,944 |
16.4% |
20% |
2 |
$ 26,769,931 |
| BERKSHIRE HATHAWAY (GEICO) |
$ 571,941,640 |
11.7% |
15% |
6 |
$ 42,895,623 |
| ALLSTATE INS GRP |
$ 540,137,655 |
11.1% |
15% |
2 |
$ 13,503,441 |
| USAA GRP |
$ 294,072,269 |
6.0% |
20% |
2 |
$ 9,802,409 |
| FARM BUREAU GRP |
$ 262,659,515 |
5.4% |
15% |
2 |
$ 6,566,488 |
| LIBERTY MUT GRP |
$ 197,963,554 |
4.1% |
15% |
2 |
$ 4,949,089 |
| GOAUTO INS CO |
$ 163,079,583 |
3.3% |
15% |
2 |
$ 4,076,990 |
| SHELTER INS GRP |
$ 69,820,682 |
1.4% |
30% |
2 |
$ 3,491,034 |
| METROPOLITAN GRP |
$ 41,273,185 |
0.8% |
15% |
2 |
$ 1,031,830 |
| KEMPER CORP GRP |
$ 33,705,462 |
0.7% |
15% |
2 |
$ 842,637 |
| HARTFORD GRP |
$ 26,937,539 |
0.6% |
15% |
2 |
$ 673,438 |
| HANOVER INS GRP |
$ 20,640,280 |
0.4% |
15% |
2 |
$ 516,007 |
| AMERICAN FAMILY GRP |
$ 14,207,687 |
0.3% |
$50.00 |
** |
$ 256,500 |
| FARMERS INS GRP |
$ 7,170,609 |
0.1% |
25% |
2 |
$ 298,775 |
| AMICA MUT GRP |
$ 4,901,655 |
0.1% |
20% |
2 |
$ 163,389 |
| CHUBB LTD GRP |
$ 4,819,446 |
0.1% |
35% |
2 |
$ 281,134 |
| TRAVELERS GRP |
$ 1,276,289 |
0.0% |
15% |
2 |
$ 31,907 |
| TOTAL ALL COMPANIES |
$ 4,458,444,389 |
92.1% |
|
|
$ 187,249,854 |
** American Family is offering a flat $50 per vehicle
Source: LDI