Auto insurance premiums rise in Louisiana

Auto insurance rates are rising in Louisiana, with some drivers reporting increases of up to 35% over the same coverage last year. Rates had remained relatively stable in recent years, with an average increase of 1.8% in 2021, a decrease of 4.1% in 2020 and a decrease of 1.4% in 2019, but the Louisiana insurance commissioner , Jim Donelon, said those discounts will end this year for most customers. Donelon said that as drivers came out of lockdown, the number of car accidents also increased, which began to affect insurance rates. “Because of increased driving, mileage and accidents, but also due to soaring inflation, the cost of new cars is at its peak,” Donelon said. At the same time, floods, wildfires and hurricanes have led to an outbreak. in claims around the world, while car prices and auto theft have soared. . “Their claim cannot be used against them in pricing their own coverage, but it can be used statewide.” known as Berkshire Hathaway Group) +9.6%The General (also known as American Family Insurance Group) +9.1%Shelter Insurance Group +6.9%GoAuto Insurance Company +6.7%Liberty Mutual Group (also known as Safeco) +4.6% Donelon says drivers should shop around and can often save money by comparing competitors’ rates. According to the Louisiana Department of Insurance, auto insurers with the highest rate cuts approved in 2021 include: AAA (also known as Auto Club Enterprises Insurance Group) – 1% Old American Indemnity Company (also known as Orpheus Group) – 5.6% Safeway Insurance Group – 5.2% USAA (also known as United Serv Automobile Association Group) – 4.4% Allstate and Imperial – 2.9%. As drivers absorb the rate changes, Donelon said owners can also expect to pay more for their insurance. He said home insurance rates rose 6.7% last year and are expected to continue rising this year. For tips on how to lower your insurance rates, click here.

Auto insurance rates are rising in Louisiana, with some drivers reporting increases of up to 35% over the same coverage last year. Rates have remained relatively stable in recent years, with an average increase of 1.8% in 2021, a decrease of 4.1% in 2020 and a decrease of 1.4% in 2019, but the Louisiana insurance commissioner , Jim Donelon, said those discounts will end this year for most customers.

Donelon said that as drivers came out of lockdown, the number of car accidents also increased, which began to affect insurance rates.

“Because of increased driving, mileage and accidents, but also due to soaring inflation, the cost of new cars is at its peak,” Donelon said.

At the same time, floods, wildfires and hurricanes led to a spike in claims across the world, while car prices and car thefts soared.

“It (the crime) affects him significantly because these cars are usually higher dollar vehicles that attract carjackers and thieves and result in a large complaint being filed,” Donelon said. “Their claim cannot be used against them in pricing their own coverage, but it can be used statewide.”

According to the Department of Insurance, Louisiana insurers with the highest average rate increases approved in 2021 include:

Geico (also known as Berkshire Hathaway Group) +9.6%

The General (also known as American Family Insurance Group) +9.1%

Collective housing insurance + 6.9%

GoAuto Insurance Company +6.7%

Liberty Mutual Group (also known as Safeco) +4.6%

Donelon said drivers should shop around and can often save money by comparing competitor fares.

According to the Louisiana Department of Insurance, auto insurers with the highest rate cuts approved in 2021 include:

AAA (also known as Auto Club Enterprises Insurance Group) – 1%

Old American Indemnity Company (also known as Orpheus Group) – 5.6%

Safeway Insurance Group – 5.2%

USAA (also known as United Serv Automobile Association Group) – 4.4%

Allstate and Imperial – 2.9%.

As drivers absorb the rate changes, Donelon said owners can also expect to pay more for their insurance. He said home insurance rates rose 6.7% last year and are expected to continue rising this year.

For tips on how to lower your insurance premiums, click here.

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