BATON ROUGE, La. (WAFB) - Louisiana Insurance Commissioner Jim Donelon announced Monday, Aug. 17 that he has approved car insurance rate decreases for Progressive and Farm Bureau policyholders.
Progressive submitted a rate decrease of 2.3% for new policies effective Aug. 21 and for renewed policies effective Sept. 18. Farm Bureau will cut rates by 7.5% on new policies and renewals effective Oct. 1.
The insurance commissioner’s office says Farm Bureau previously got approval for a 4.4% decrease back in October of 2019, while Progressive has made four consecutive decreases in the last 22 months for a total of 6.2%. Both announcements come after State Farm also announced a rate decrease of 9.6% in July.
All told, these three companies cover more than 50% of the car insurance market in Louisiana, with about 1.5 million policies.
“These rate decreases are further proof that increased competition in the state’s auto insurance market is continuing to bring about savings for our policyholders,” said Donelon. “When we see rate decreases from one of our top ten companies, it usually isn’t long for the rest to follow suit.”
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