(KLFY) Insurance Commissioner Jim Donelon announced Monday that Progressive Auto Insurance and Louisiana Farm Bureau are lowering rates for drivers in Louisiana.
A 2.3 percent decrease for new customers of Progressive goes into effect August 21 and renewing policyholders will see rates decrease starting September 18.
Farm Bureau will be lowering rates for new and existing policyholders starting October 1, Donelon announced.
Both companies’ newest rate decreases follow the recent announcement by State Farm Insurance Company of a rate decrease of 9.6% last month. Combined, the three companies cover over 50% of the private passenger auto insurance market in Louisiana and total 1.5 million policies.
“These rate decreases are further proof that increased competition in the state’s auto insurance market is continuing to bring about savings for our policyholders,” said Commissioner Donelon.
“When we see rate decreases from one of our top ten companies, it usually isn’t long for the rest to follow suit.”