By: Ishan Mukhopadhyay Oct. 18, 2018

 A recent Raltin analysis on car insurance premiums in Lafayette, LA, reveals that Pharmacists Mutual Insurance offers the cheapest premium at $367 for 60-year-old married female drivers with a clean driving record. In addition, the study shows that a driver’s background and driving records influence premium rates. Raltin’s study further shows that low-end premium rates for all driver cohorts range from $367 to $1,367.

Raltin uses survey information from the Louisiana Department of Insurance. Car insurance premiums are significantly influenced by factors such as coverage limits, deductibles, and car model. The vehicles used as reference points for this survey are the 2011, 2014 and 2017 models of Toyota Camry. The bodily injury per accident limit is $30,000 and the bodily injury per person is $15,000. The property damage per accident limit is $25,000. The daily round-trip mileage is about 30 miles.

The difference between the cheapest and median premiums provides some insight into potential savings. For all the driver cohorts, the difference value ranges between $588 and $3,443. Male drivers who are 18 years old and single with one accident in the past 18 months report the highest savings by investing in the right company. The difference between the cheapest and median premium for this cohort is $3,443. For this cohort, Pharmacists Mutual Insurance offers the cheapest policy at $1,221 and Permanent General Assurance provides the median premium at $4,664.

For 21-year-old single male drivers with two accidents in the past 18 months, LA Auto Insurance offers the most expensive premium at $19,946 and Omni Insurance provides the median premium at $3,794. The savings between the most expensive and median premium is the highest for this cohort of drivers at $16,152.

The study further shows that for six out of seven driver cohorts, Pharmacists Mutual Insurance offers the cheapest premiums. LA Auto Insurance offers the most expensive premiums for four out of seven driver cohorts.

The following graph shows a comparison of premium rates across companies for Lafayette, LA.

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The following table compares the car insurance premiums for key companies in Lafayette, LA, along with the companies’ names and the difference between the median and the cheapest or most expensive rates.

CohortCheapest car insurance companies in Lafayette, LASecond cheapest car insurance companies in Lafayette, LACompanies offering median premiums in Lafayette, LASecond most expensive car insurance companies in Lafayette, LAMost expensive car insurance companies in Lafayette, LADifference between the cheapest and median pricesDifference between the most expensive and median prices
18-year-old single male drivers with one accident in the past 18 monthsPharmacists Mutual Insurance Company ($1,221)Cincinnati Insurance Company ($1,956)Permanent General Assurance Corporation ($4,664)Encompass Insurance Company of America ($11,202)La. Auto Insurance Plan ($12,250)$3,443$7,586
60-year-old married female driversPharmacists Mutual Insurance Company ($367)USAA General Indemnity Company ($447)21st Century Centennial Insurance Company ($955)Amica Mutual Insurance Company ($3,189)LA Auto Insurance Plan ($5,334)$588$4,379
21-year-old single female drivers with two accidents in the past 18 monthsPharmacists Mutual Insurance Company ($1,367)Cincinnati Insurance Company ($1,595)Direct General Insurance Company of LA (Oldest Program) ($3,383)Encompass Insurance Company of America ($8,237)Encompass Property & Casualty Company ($8,588)$2,016$5,205
48-year-old single female driversHartford Accident & Indemnity Company ($1,156)Liberty Insurance Corporation ($1,208)Encompass Property & Casualty Company ($2,397)LA Auto Insurance Plan ($6,486)Amica Mutual Insurance Company ($6,995)$1,241$4,598
30-year-old single male driversPharmacists Mutual Insurance Company ($578)Horace Mann Insurance Company ($602)Direct General Insurance Company of LA ($1,258)Encompass Insurance Company of America ($3,350)LA Auto Insurance Plan ($5,789)$680$4,531
21-year-old single males with two accidents in the past 18 monthsPharmacists Mutual Insurance Company ($1,232)GEICO Casualty Company ($1,538)Omni Insurance Company ($3,794)Imperial Fire & Casualty Insurance Company (Classic Program) ($9,792)LA Auto Insurance Plan ($19,946)$2,562$16,152
18-year-old single females with one accident in the past 18 monthsPharmacists Mutual Insurance Company ($1,091)Cincinnati Insurance Company ($1,772)Liberty Mutual Fire Insurance Company ($3,937)Encompass Insurance Company of America ($8,091)Encompass Property & Casualty Company ($8,624)$2,846$4,687


ABOUT THE AUTHOR

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Ishan Mukhopadhyay

Ishan has over 5 years of experience as a freelance journalist and a content writer. He graduated from The English and Foreign Languages University and holds a Masters degree from the University of Hyderabad. Apart from the English language, Ishan's other passion is data driven journalism.

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