North Carolina auto insurance customers will be paying more for coverage

north carolina auto insurance

Rates are expected to rise for many drivers in October, though the increase is less than what it might have been. North Carolina auto insurance rates may be on the rise in October, but drivers could have seen a much higher hike if regulators hadn’t stepped in. The state Department of Insurance signed a settlement agreement with the N.C. Rate Bureau to allow for a considerably lower rate increase than initially proposed. Insurance Commissioner Mike Causey made the announcement regarding the settlement agreement signing. Initially, the state Rate Bureau requested…

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Nationwide Insurance addresses modernization with N.C. Legislative Research Commission

Lee Morton, the regional vice president for North Carolina at Nationwide Insurance addressed the N.C. Legislative Research Commission Joint Study Committee on Automobile Insurance Modernization regarding the improvement of rate systems. He talked about the competitive, strong, healthy, diverse, and low-cost system for auto insurance that is already present within the state and identified concerns about the impact that changing the system could have on the state’s motorists. Morton explained that the insurance system in the state is currently fair to all motorists and provides consumers with protection against rate…

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Allstate to drop policies for homeowners that have not bundled their auto insurance policies. Other insurers may follow example

In North Carolina, some 70,000 homeowners are on the verge of losing their insurance coverage if they do not purchase auto insurance from Allstate. The large insurer announced last year that it would be dropping customers who did not bundle their property and auto insurance together through the company. Allstate’s plan affects nearly 50,000 consumers throughout the state, but the North Carolina Farm Bureau Mutual Insurance Co., the third largest property insurer in the state, is following Allstate’s example and may drop roughly 20,000 policyholders if they do not get…

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North Carolina lawmakers to assess whether state’s auto insurance rate system needs to be improved

North Carolina legislators have begun examining the state’s rate-setting system and its effects on the auto insurance industry. Lawmakers have been assessing whether changes need to be made to the system since early 2011, when proposals for fixes to the system made their way to the state’s General Assembly. Some legislators claim that changes to the state’s auto insurance system need to be changed to be more consumer friendly, while others say that the current system is not effective in handling the risk of those with poor driving skills or…

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Talks of North Carolina new insurance regulation stirs the pot

North Carolinian legislators are toiling over a new bill that could make insurers a lot of money. The bill, which has the support of some of the state’s largest insurance companies, would enable auto insurers to raise their rates by 15% every year. There are also provisions within the legislation that would put strict limitations on the regulatory authority of North Carolina, giving companies more freedom to operate as they see fit. Insurance Commissioner Wayne Goodwin is convinced that the legislation is derived from companies wanting more money and nothing…

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Auto insurance rates going higher

Across the nation, auto insurance premiums have increased by an approximate 1.7% this year according to the Insurance Information Institute despite Americans using their car less due to gasoline prices. For example, in New York they’ve seen a 5 to 7% proposed increase, while in North Carolina it’s 11 to 13% and Illinois already raised theirs by 3 to 13%.  With people driving less, the number of road accidents are lessened which results to fewer claims and in turn is beneficial to the auto insurance providers. However, rates are going…

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