FOR IMMEDIATE RELEASE

October 2, 2019

Competition in Louisiana Auto Insurance Market Continues to Result in Lower Rates

On Tuesday, October 1, 2019, Louisiana Insurance Commissioner Jim Donelon approved a rate reduction for Louisiana-based auto insurance provider GoAuto. 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.

About the Louisiana Department of Insurance: The Louisiana Department of Insurance works to improve competition in the state’s insurance market while assisting individuals and businesses with the information and resources they need to be informed consumers of insurance. As a regulator, the LDI enforces the laws that provide a fair and stable marketplace and makes certain that insurers comply with the laws in place to protect policyholders. You can contact the LDI by calling 1-800-259-5300 or visiting www.ldi.la.gov.