Beginning in April, Louisiana customers of State Farm Mutual Automobile Insurance Co. will see a decrease in their auto insurance rates, the insurance department announced.
It will be the third rated decrease filed by the company in less than a year that has been approved by Insurance Commissioner Jim Donelon.
With the rate decrease set to go into effect in April, more than one million policyholders in Louisiana will see a 3.2 percent decrease in their rates. The two previous State Farm rate decreases that took effect within the past year are a 2.7 percent drop for State Farm coverage on private passenger vehicles, effective in July 2018 and a 1.8 percent decrease that took effect in September 2018.
The total impact of the rate changes taken together is -7.7 percent, the department said.
“These decreases are directly attributable to competition in the auto insurance marketplace and again demonstrates that competition is truly the best protection for policyholders,” Donelon said in a departmental release. He added that State Farm’s actions “will pressure other insurers to take similar steps.”
Was this article valuable?
Here are more articles you may enjoy.
USI Insurance Services Claims Ex-Broker Poached Clients for Own New Agency 
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms 
JPMorgan Banker Sues Ex-Colleague Over ‘Fabricated’ Sex Claims 
Comulate Loses Appeal for Injunction Against Applied Systems 
