Auto Insurance Rates Cut for Louisiana State Farm® customers
2.6% Rate Decrease is the Company’s Fourth Rate Reduction in Two Years
State Farm Mutual Automobile Insurance Company, the largest auto insurer in Louisiana and in the nation, has filed to cut its rates once again in Louisiana. As a result, its overall personal auto rates will drop an additional 2.6 percent. The total state-wide expected impact for State Farm Mutual by this rate decrease in Louisiana will be approximately $36.6 million. This is the fourth time in the last two years State Farm has lowered auto rates. The combined impact of these four reductions is a 10.4 percent rate reduction.
“We’re always evaluating how we can best serve our customers and are very pleased to be able to offer yet another rate decrease in Louisiana,” said State Farm Vice President of Agency Mark Cockerham. Cockerham adds, “Improving expenses and losses were important factors that supported our decision to make this rate change.”
Overall changes in premiums for individual motorists will vary depending on the specific details of an individual customer’s policy and chosen coverages. The proposed effective date for new and renewal business is November 25, 2019.
In addition to this rate reduction, State Farm agents are able to review with new and existing customers the many opportunities for additional discounts that may apply to an individual’s unique circumstances. A rate decrease combined with discounts offers an exceptional long-term value to State Farm customers. Louisiana customer with questions about their coverages can contact their local State Farm agent.
The mission of State Farm is to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams. State Farm and its affiliates are the largest providers of auto and home insurance in the United States. Its 19,200 agents and 59,000 employees serve approximately 84 million policies and accounts – over 81 million auto, fire, life, health and commercial policies and over 2 million bank and investment planning services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 36 on the 2020 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.