The Louisiana Farm Bureau and Progressive Insurance are cutting their auto insurance rates on the heels of a cut by the state's largest auto insurer, State Farm.
Progressive Insurance Group expects to drop rates by 2.4% for new policies on August 21 and for any renewals on September 18. The difference is $12.6 million impacting 204,339 policy holders, records show.
Louisiana Farm Bureau was approved to drop its rates by 7.5% for both new insurance policies and renewals on October 1. The change amounts to $19.2 million across 236,113 policy holders.
The Farm Bureau reduced its rates by 4.4% in October 2019 and has consistently cut its price for nearly two years.
State Farm cut auto insurance rates in Louisiana by 9.6% across roughly 1 million customers across the state.
When policyholders of State Farm, Progressive and the Louisiana Farm Bureau are combined, it represents more than half of all the private passenger auto insurance policies in the state, or about 1.5 million.
Auto insurers have been offering rebates and reducing rates for the past few months in response to fewer vehicles on the road as more residents work from home and avoid travel to curb the spread of the coronavirus pandemic.
“When we see rate decreases from one of our top ten companies, it usually isn’t long for the rest to follow suit," said Jim Donelon, Louisiana insurance commissioner in a news release.
The top state insurance regulator has previously said that increased competition among insurers has prompted a decline in rates.
"auto" - Google News
August 18, 2020 at 03:28AM
https://ift.tt/2PZaeB1
Beyond State Farm, more auto insurers look to drop rates this fall in Louisiana - The Advocate
"auto" - Google News
https://ift.tt/2Xb9Q5a
https://ift.tt/2SvsFPt
Bagikan Berita Ini
0 Response to "Beyond State Farm, more auto insurers look to drop rates this fall in Louisiana - The Advocate"
Post a Comment