State Farm raises rates in state months after cutting them

State Farm raises rates in state months after cutting them

State Farm, considered the largest vehicle insurer in Louisiana, has received approval to raise its auto insurance rates – just months after it lowered rates in the state.

As of April 05, the company has increased its auto insurance rates by an average of 4.3% for both new and existing customers who are renewing. Months earlier, the insurer slashed Louisiana auto insurance rates by 9.6% and issued credits as part of its relief efforts to consumers affected by the pandemic.

NOLA.com reported that State Farm’s increase amounts to a $53.5 million total, affecting about a million policyholders.

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