Competition in Louisiana Auto Insurance MarketContinues to Result in Lower Rates

Louisiana Insurance Commissioner Jim Donelon approved a rate reduction for Louisiana-based auto insurance provider GoAuto on Oct. 1. The filing demonstrates the health of the domestic insurance industry in Louisiana and the continued movement toward more affordable rates as a result of market competition.

“In a further example of the power of competition in the personal automotive insurance marketplace, I have approved a -3.6% rate reduction for GoAuto Insurance Company, which impacts more than 74,000 Louisiana drivers,” said Donelon. “These rate reductions by insurers, which serve a diverse cross section of policyholders across Louisiana, will continue to provide relief to consumers.”

This reduction continues the ongoing trend of decreasing premiums by insurers that include State Farm, Progressive and Louisiana Farm Bureau. Taken together, these reductions will impact nearly 1.5 million Louisiana policyholders.

The newly approved rates will be effective on October 7, 2019 for new policies and November 7, 2019 for renewals.

2 thoughts on “Competition in Louisiana Auto Insurance MarketContinues to Result in Lower Rates

  1. Oh, yeah, the insurance industry in Louisiana is healthy all right. Sometimes I wonder if they’re in cahoots with all those personal injury lawyers.

  2. Both my home and auto rates took hikes this year through different companies, both claiming statewide hikes were instituted. I find exactly the opposite of the claims in this article to be happening in Louisiana.

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