Auto insurers to return more than $187M in premiums to Louisiana drivers, because most drivers following stay at home orders

Louisiana

(KLFY) Because most drivers are following the stay at home order, there are less miles being traveled which has resulted in fewer accidents and as a result of this dynamic, many auto insurers are now sharing their savings with consumers.

Insurance Commissioner Jim Donelon says he applauds those companies for supporting their policyholders.

“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.”

The insurers below have announced or provided the Louisiana Department of Insurance (LDI) with the details of a rebate or rate reduction program.

PRIVATE PASSENGER AUTOMOBILECompanies Offering Premium Payback Due to COVID-19
Group/Company2019 Written Premium2019 Market ShareCOVID-19 Related Return Premium# Months Return PremiumProjected Return Premiums
STATE FARM GRP$ 1,442,012,58029.5%25%2.37$ 71,099,231
PROGRESSIVE GRP$ 803,097,94416.4%20%2$ 26,769,931
BERKSHIRE HATHAWAY (GEICO)$ 571,941,64011.7%15%6$ 42,895,623
ALLSTATE INS GRP$ 540,137,65511.1%15%2$ 13,503,441
USAA GRP$ 294,072,2696.0%20%2$ 9,802,409
FARM BUREAU GRP$ 262,659,5155.4%15%2$ 6,566,488
LIBERTY MUT GRP$ 197,963,5544.1%15%2$ 4,949,089
GOAUTO INS CO$ 163,079,5833.3%15%2$ 4,076,990
SHELTER INS GRP$ 69,820,6821.4%30%2$ 3,491,034
METROPOLITAN GRP$ 41,273,1850.8%15%2$ 1,031,830
KEMPER CORP GRP$ 33,705,4620.7%15%2$ 842,637
HARTFORD GRP$ 26,937,5390.6%15%2$ 673,438
HANOVER INS GRP$ 20,640,2800.4%15%2$ 516,007
AMERICAN FAMILY GRP$ 14,207,6870.3%$50.00**$ 256,500
FARMERS INS GRP$ 7,170,6090.1%25%2$ 298,775
AMICA MUT GRP$ 4,901,6550.1%20%2$ 163,389
CHUBB LTD GRP$ 4,819,4460.1%35%2$ 281,134
TRAVELERS GRP$ 1,276,2890.0%15%2$ 31,907
TOTAL ALL COMPANIES$ 4,458,444,38992.1%$ 187,249,854

Copyright 2020 Nexstar Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Local News

More Local

Trending Stories

Sidebar