La. Insurance Commissioner approves 4th auto rate decrease for State Farm

La. Insurance Commissioner approves 4th auto rate decrease for State Farm
Louisiana Dept of Insurance (Source: Louisiana Dept of Insurance)

LAKE CHARLES, La. (KPLC) - Louisiana insurance commissioner Jim Donelon approved a permanent 9.6% auto rate decrease for Louisiana drivers with State Farm Insurance Company.

The 9.6% auto insurance reduction is a jump from 2.3% in March of 2020.

Donelon said more than $200 million in COVID-19 premium was returned to Louisiana policyholders in rebates or refunds.

“State Farm provides auto insurance for more than a million Louisiana policyholders and has been at the forefront of giving consumers relief from their auto premiums due to decreased driving during the COVID pandemic,” Donelon said. “We’ve seen many other local and national insurers do the same since the issuance of nationwide stay at home orders that have resulted in Louisiana policyholders receiving over $202 million dollars in rebates or refunds.”

State Farm’s current reduction will be effective on August 24 for new and renewal policies.

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