State Farm Mutual Insurance Co. has filed for an overall statewide average private passenger auto insurance rate reduction of 2.6% in Louisiana, according to the state insurance department.
The Louisiana Department of Insurance said the filing is pending review. If the rate cut goes through, it will be the fourth time in two years the auto insurer has reduced premiums in Louisiana. Together the four reductions amount to a total rate cut of just over 10%.
State Farm’s current reduction would apply to new and renewing customers and is expected to be implemented by Nov. 25, 2019. The reduction would impact 1,014,960 policyholders.
In addition to State Farm, Progressive and Louisiana Farm Bureau have lowered auto insurance premiums in Louisiana over the past year. However, auto insurance rates in Louisiana remain among the highest in the country.
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