More good news about auto insurance rates. Since the start of last year, nearly 40 companies have filed rate decreases for private passenger auto policies. Insurance Commissioner Tim Temple says the latest company to do so is Imperial Fire and Casualty Insurance Company, who filed a 6% decrease on its Value Product.
“And that’s going to impact about 41,000 Louisiana policyholders. So, that is positive,” Temple said.
IFAC also filed for a 3% decrease on its Mid-Market Product.
Temple says Allstate North American Insurance Company is also decreasing rates by 7.5% on average, which affects more than 17,000 policies.
The commissioner says customers of the companies that have filed for rate decreases will see the savings when their policy comes up for renewal and if your rates don’t drop.
“The way I view it is if I’m not with one of those companies is taking a rate decrease, well maybe I want to get a quote from them, and see if I can lower my auto insurance,” Temple said.
Temple says fewer accidents, which means fewer claims, is driving the decrease in auto insurance rates. He says the reforms approved last year that change how auto crashes are handled in civil court have yet to have an impact on rates.
“Just starting, halfway into the third month, of a lot of these reforms that were passed last year being law. So I anticipate more decreases in the future, as the reforms start to have the impact that we all intend for them to do,” Temple explained.