Best car insurance in Louisiana for 2023

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
• Tier 3 (Support): To encompass the many ways an auto insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.

Louisiana requires that every driver carry at least minimum limits of bodily injury liability and property damage liability. To find Louisiana’s specific requirements, you can reference the Louisiana Department of Insurance’s “Consumer’s Guide to Auto Insurance” or Bankrate’s guide to Louisiana’s insurance laws. Most agents recommend that you purchase higher levels of liability for greater financial protection.

Are you leasing or financing your vehicle? If so, your lender or lienholder will likely require you to have full coverage so that they know damages will be covered in the event of an accident. Gap insurance may be a smart optional choice for newer financed vehicles. Gap insurance is designed to pay the difference between what you owe on your new car and what it’s worth if it is stolen or totaled in a covered accident.

When shopping for auto insurance in Louisiana, certain personal factors can affect which car insurance policy you choose. Events like adding a teen driver to your car insurance can increase your car insurance rate. If you’re insuring a young driver, you may want to look for companies that offer competitive student discounts. Or, if you’ve had a DUI conviction in Louisiana, you might want to look for a company that offers insurance to high-risk drivers. A driver with a clean driving record might have different considerations than a driver with an at-fault accident on their record, for example.

Some of the cheapest car insurance companies in Louisiana are Geico, Southern Farm Bureau and USAA, based on average rates for minimum coverage. However, the best cheap car insurance company for you will depend on your individual rating factors and personal preferences. To find the lowest premium, experts recommend comparing quotes from several providers and asking an agent which discounts you qualify for.

Drivers in Louisiana must carry a minimum amount of auto insurance before they can legally drive a car. Louisiana state law mandates a minimum of $15,000 in bodily injury liability per person, $30,000 in bodily injury liability per accident and $25,000 in coverage for damage to other vehicles or property.

Insurance prices depend on a wide variety of factors, including the value of your car, your age, your driving record, where you live and more. On average, Louisiana residents pay more than the national average for car insurance, though. Drivers in the state pay an average of $2,909 per year for full coverage and $805 per year for minimum coverage. The national averages are $2,014 and $622, respectively.

In most states, drivers are legally required to carry at least the state-mandated minimum levels of car insurance coverage. The penalties for driving without insurance can be severe if you get caught and may include fines, license suspension or worse. If you cause an accident without insurance, you will be responsible for paying for the damage out of pocket. This can lead to severe financial stress, and if you are unable to pay, you could even face a lawsuit.