State Farm Insurance announced this week that it would be cutting the rates for over a million drivers in Louisiana.  The move comes after state regulators approved a rare request for a decrease made by the insurance giant.

Starting June 1st, consumers in the Bayou State will see a 3% decrease in the price of their premiums.  On the average, that will add up to about $48 a year.  Unfortunately, State Farm is the only insurance company at this time that will be offering the decrease - but Louisiana Insurance Commissioner Jim Donelon thinks that it may cause a ripple across the industry that will lead to others to offer similar discounted rates.  According to State Farm, this move will affect 1,026,725 policyholders the next time their policy renews.

According to NOLA.com, the cuts come in response to a long history of raising rates to the point that State Farm has more than enough funds to cover what they call the "new wave of risk factors."  The company has also enjoyed a sizable boost thanks to the tax cut passed late last year.