BATON ROUGE – Louisiana’s insurance department announced two auto insurance companies to reduce rates for many Louisiana customers.
Progressive has filed rates for a 2.3% decline in new business effective August 21 and renewal business effective September 18, the agency said.
Farm Bureau also filed for a 7.5% decline on new and renewal business, both effective October 1st. Farm Bureau previously received approval for a rate reduction of 4.4% in October of 2019.
The declines follow previous rate cuts for the businesses as well as for others, including State Farm. Together, the three companies cover more than 50% of the private car insurance market in Louisiana and a total of 1.5 million policies.
“These rate cuts are further evidence that increased competition in the state’s auto insurance market continues to bring savings for our policyholders,” Commissioner Jim Donelon said in a statement. “If we drop rates from one of our top ten companies, it’s usually not long before the rest of us follow this.”
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