BATON ROUGE, La. (WAFB)-Louisiana Insurance Coverage Commissioner Jim Donelon announced Monday, Aug. 17 that he has actually authorized car insurance coverage rate decreases for Progressive and Farm Bureau insurance policy holders.
Progressive sent a rate decline of 2.3% for brand-new policies efficient Aug. 21 and for restored policies reliable Sept. 18. Farm Bureau will cut rates by 7.5% on new policies and renewals reliable Oct. 1.
The insurance commissioner’s workplace says Farm Bureau formerly got approval for a 4.4% reduction back in October of 2019, while Progressive has made 4 consecutive reductions in the last 22 months for a total of 6.2%. Both statements followed State Farm likewise announced a rate decrease of 9.6% in July.
All told, these 3 companies cover more than 50% of the automobile insurance market in Louisiana, with about 1.5 million policies.
“These rate reductions are further proof that increased competitors in the state’s car insurance market is continuing to cause cost savings for our insurance policy holders. When we see rate decreases from one of our leading 10 companies, it typically isn’t long for the rest to follow suit.”
Copyright 2020 WAFB. All rights reserved.Source: kalb.com