BATON ROUGE, La. (WAFB) - Louisiana's second-largest auto insurer has announced a rate decrease for private passenger auto policies in the state.
Insurance Commissioner Jim Donelon has approved Progressive Security Insurance Company's rate filing for a decrease of -2.2% on new and renewed policies. The decreases will take effect in late summer.
“This rate decrease by the second-largest auto insurer in the state is a sign of continued benefits brought about by competition and hopefully more good news to come,” said Commissioner Donelon. “In my opinion, Progressive’s action is an appropriate response to State Farm’s recent efforts to reclaim auto policies they have lost and a sign of competition working for consumers.”
More than one million State Farm policy holders saw a rate decrease from the state’s largest auto insurer in February.
More than 175,000 Progressive policyholders will see a decrease of -2.2% which will take effect in September for renewed policies.