Car insurance companies in La. announce rate reductions amid COVID-19 pandemic

Car insurance companies in La. announce rate reductions amid COVID-19 pandemic
(Source: Gray News)

BATON ROUGE, La. (WAFB) - Several car insurance companies in Louisiana have announced they’ll be giving customers a bit of a break during the coronavirus pandemic.

Group/Company 2019 Written Premium 2019 Market Share COVID-19 Related Return Premium # Months Return Premium Projected Return Premiums
State Farm $1,442,012,580 29.5% 25% 2.37 $71,099,231
Progressive $803,097,944 16.4% 20% 2 $26,769,931
GEICO $571,941,640 11.7% 15% 6 $42,895,623
Allstate $540,137,655 11.1% 15% 2 $13,503,441
USAA $294,072,269 6% 20% 2 $9,802,409
Farm Bureau $262,659,515 5.4% 15% 2 $6,566,488
Liberty Mutual $197,963,554 4.1% 15% 2 $4,949,089
GoAuto $163,079,583 3.3% 15% 2 $4,076,990
Shelter $69,820,682 1.4% 30% 2 $3,491,034
Metropolitan $41,273,185 0.8% 15% 2 $1,031,830
Kemper Corp $33,705,462 0.7% 15% 2 $842,637
Hartford $26,937,539 0.6% 15% 2 $673,438
Hanover $20,640,280 0.4% 15% 2 $516,007
American Family $14,207,687 0.3% $50 --- $256,500
Farmers $7,170,609 0.1% 25% 2 $298,775
Amica Mutual $4,901,655 0.1% 20% 2 $163,389
Chubb Ltd. $4,819,446 0.1% 35% 2 $281,134
Travelers $1,276,289 0% 15% 2 $31,907
Total All Companies $4,458,444,389 92.1% --- --- $187,249,854

“I applaud our auto insurers on supporting their policyholders and our economy with these programs,” said Insurance Commissioner Jim Donelon. “Here in Louisiana, the economic impact of these rebate programs is greater than $187 million in payments returned to the pockets of consumers at a time when it is sorely needed. This list includes 13 of the top 20 auto insurers doing business in Louisiana and it is my hope that the other seven auto insurers will follow suit in this time of crisis for their policyholders brought on by the ongoing COVID-19 pandemic.”

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