Almost 1 million Louisiana drivers will see their auto insurance rates reduced later this year, but the state remains the second-most expensive in the nation for vehicle insurance, The News Star reports.
State Farm, the largest auto insurer in Louisiana with about one-third market share, said it will reduce its auto rates 2.6%, effective Nov. 25. This is the fourth time in the past two years State Farm dropped rates for a combined 10.4% reduction. But the rate reductions during the past two years followed an 8% increase in 2016 and 13% increase in 2017.
Earlier this year Progressive dropped its rates by 4.4% and Louisiana Farm Bureau dropped its rates by 2.2%, while Allstate raised its rates by 3.1% this year.
The 2019 average annual premium for Louisiana drivers is $2,298, second only to Michigan’s average of $2,611, according to insure.com.
Earlier this year state Rep. Kirk Talbot, R-River Ridge, carried an omnibus insurance reform bill in the Legislature that he believed would lead to overall rate reductions across all sectors, but it failed to pass. Read the full story.