Baton Rouge-based insurance company Go Auto lowered its vehicle insurance rates in Louisiana by 3.6%, which is a total reduction of $5.6 million among 74,000 drivers across the state.
The new rate was approved by the Louisiana Insurance Commissioner this week and is slated to go into effect on Oct. 7 for existing policies and on Nov. 7 for new insurance policies.
Go Auto had previously increased its rates by 1.2% for vehicle insurance policies back in June when it had 76,000 customers in Louisiana.
The move comes on the heels of the third vehicle insurance rate cut this year by the largest insurer in Louisiana.
State Farm, which has 1 million policy holders across Louisiana, will cut private auto insurance rates by 2.6% for policy holders in November, which will save customers $36.6 million.
This year, Progressive reduced its rate by 2.2% while the Louisiana Farm Bureau is cutting its rates by 4.4%, state insurance records show.