Louisiana Farm Bureau is the latest auto insurer doing business in Louisiana to announce its intention to cut rates, with Insurance Commissioner Jim Donelon saying the company wants a 4.4% rate decrease on its 220,000 automobile policies.
In the past year, two other insurance companies—State Farm and Progressive—have also dropped their rates, sparking what Donelon calls a “downward trend.”
“This reduction, along with those previously taken by State Farm and Progressive, further confirms that automobile insurance competition in Louisiana is moving premiums in the right direction,” Donelon says in a prepared statement.
As the sixth-largest auto insurer in the state, Louisiana Farm Bureau’s rate decrease will mean lowered premiums for over 1,500,000 automobile policyholders when combined with the earlier reductions taken by State Farm and Progressive. The reduced rates are projected to take effect August 1, 2019 for new and renewed policies.