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.