La. Auto Insurers Give Drivers More Than $187M in Premium Rebates

A Red Car With A Damaged Headlight After An Accident

BATON ROUGE – From the Louisiana Department of Insurance:

Insurance Commissioner Jim Donelon said that the majority of auto insurers in Louisiana are providing premium reductions and rebates to policyholders during the ongoing crisis brought on by COVID-19. Because most drivers are following the stay-at-home order, there are less miles being traveled which has resulted in fewer accidents. As a result of this dynamic, many auto insurers are now sharing their savings with consumers.

“I applaud our auto insurers on supporting their policyholders and our economy with these programs,” said 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.”

At the time of publication, 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 AUTOMOBILE

Companies Offering Premium Payback Due to COVID-19

Group/Company 2019 Written Premium 2019 Market Share COVID-19 Related Return Premium # Months Return Premium Projected Return Premiums
STATE FARM GRP $ 1,442,012,580 29.5% 25% 2.37 $ 71,099,231
PROGRESSIVE GRP $ 803,097,944 16.4% 20% 2 $ 26,769,931
BERKSHIRE HATHAWAY (GEICO) $ 571,941,640 11.7% 15% 6 $ 42,895,623
ALLSTATE INS GRP $ 540,137,655 11.1% 15% 2 $ 13,503,441
USAA GRP $ 294,072,269 6.0% 20% 2 $ 9,802,409
FARM BUREAU GRP $ 262,659,515 5.4% 15% 2 $ 6,566,488
LIBERTY MUT GRP $ 197,963,554 4.1% 15% 2 $ 4,949,089
GOAUTO INS CO $ 163,079,583 3.3% 15% 2 $ 4,076,990
SHELTER INS GRP $ 69,820,682 1.4% 30% 2 $ 3,491,034
METROPOLITAN GRP $ 41,273,185 0.8% 15% 2 $ 1,031,830
KEMPER CORP GRP $ 33,705,462 0.7% 15% 2 $ 842,637
HARTFORD GRP $ 26,937,539 0.6% 15% 2 $ 673,438
HANOVER INS GRP $ 20,640,280 0.4% 15% 2 $ 516,007
AMERICAN FAMILY GRP $ 14,207,687 0.3% $50.00 ** $ 256,500
FARMERS INS GRP $ 7,170,609 0.1% 25% 2 $ 298,775
AMICA MUT GRP $ 4,901,655 0.1% 20% 2 $ 163,389
CHUBB LTD GRP $ 4,819,446 0.1% 35% 2 $ 281,134
TRAVELERS GRP $ 1,276,289 0.0% 15% 2 $ 31,907
TOTAL ALL COMPANIES $ 4,458,444,389 92.1% $ 187,249,854

** American Family is offering a flat $50 per vehicle

PA Use Only: Chart updated 4/15/20 at 2 p.m.

 

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