Several companies in Louisiana were able to lower rates for their policyholders using more advanced actuarial technology and rating systems. The Commissioner of Insurance, James Donelon announced, “Louisiana Farm Bureau Group (Farm Bureau) submitted a rate filing for a decrease of 7.5% on new and renewal business.” Although Farm Bureau’s rate decrease is industry leading, several other companies showed significant decreases in the upcoming months.
Rates for Farm Bureau are dropping on November 1, 2020 for new customers, and at renewal (after the six month billing cycle) for existing customers.
If you want to pay less for car insurance, here are some essential tips!
1. Build Credit! Credit score plays a huge role in all insurance companies’ rating process.
2. Drive safe. This one may seem obvious, but every ticket, bump in a parking lot, and insurance lapse can end up on your permanent record and effect your cost of insurance for years!
3. Keep insurance in force. Even when bills get tight, make sure that you keep your insurance paid and in force. A lapse in coverage is not only illegal, it costs huge fines at the DMV, increases your insurance costs in the future, and can even make it impossible to get insurance with many companies. If you can’t afford your insurance bill, get quotes from other agencies or turn your tags into the DMV and stay off the roads.
4. Get to know your agent. Regular account reviews and conversations with your agent can adjust coverages to cover only what you need covered, and ensure that you have the correct insurance for you.
5. Find discounts. If you or your child has a GPA over 3.0, you could be saving huge! There are military discounts, defensive driving discounts and more!
6. Bundle your home, auto and life insurance. You need all kinds of insurance so why not save on everything by putting it together?
7. Get a quote today. If you’re with Farm Bureau already, find out what your price will be after renewal by calling (318)352-8111. If you’re with another company, give them a call and find out how much you could be saving in minutes!