SHREVEPORT, La. (KSLA) – Louisiana drivers could soon see lower car insurance bills, according to state Insurance Commissioner Tim Temple. More than 30 companies have filed rate decreases for their private passenger auto policies.
Temple said the decreases are tied to fewer accidents on the road, which leads to fewer claims and ultimately benefits consumers.
“For the first time in five years, we actually had insurance companies take rate decreases,” Temple said. “That’s a good indication that we’re moving in the right direction.”
The lower rates will not take effect immediately. Policyholders will not see the changes until their policy comes up for renewal — and only if their insurer is among the companies that filed decreases.
“When insurance companies file for rate changes, whether it’s up or down, that doesn’t translate to a change in the individual premium that month or next month,” Temple said. “It’s when you renew your insurance.”
Temple said consumers should use the renewal period as an opportunity to compare options.
“You should always shop your insurance, get multiple quotes, make insurance companies earn your business, and earn your premium dollars,” Temple said.
The rate decreases apply to private passenger auto policies. Commercial insurance is not seeing the same trend. Temple also noted that homeowners insurance costs continue to rise for many Louisiana residents.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.