Tag: north carolina auto insurance rates

Legislation removes rate caps on auto insurance in North Carolina

S.Vagus
auto iinsurance car

New legislation removes rate limitations on auto insurers New legislation could remove North Carolina’s limits on auto insurance rates. Currently, the state’s insurance companies are required to adhere to rules that place limits on how much they can charge for auto insurance every year. These limits are determined by Insurance Commissioner Wayne Goodwin, along with other regulators, and are meant to provide consumers with some degree of financial protection. The new legislation will change this, allowing insurers to opt out of the current regulatory structure and have more control over…

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Auto insurance rates remain stable in North Carolina

S.Vagus
North Carolina Auto Insurance

North Carolina’s insurers are not seeking to raise rates for auto coverage this year North Carolina drivers have received some good news from the state’s Department of Insurance. According to Insurance Commissioner Wayne Goodwin, the Department of Insurance has received no rate filing from the North Carolina Rate Bureau. This means that the state’s auto insurance companies have not sought to increase premiums this year. This may provide the state’s drivers with some relief as they will not have to pay more for insurance coverage this year. Past settlement with…

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Auto insurance legislation struck down in North Carolina

Logan B.
Auto Insurance

Auto insurance bill fails before House Insurance Committee A legislation designed to reform North Carolina’s regulations governing auto insurance rates has been unseated by the state’s House Insurance Committee this week. The bill was put down by a vote of 18-11, with opponents claiming that the legislation did not offer solutions to the state’s current problem. The legislation was staunchly opposed by Insurance Commissioner Wayne Goodwin, as well as several companies and trade groups representing the auto insurance industry. Bill aimed to provide insurers with more freedom in the rate…

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Auto insurance companies in NC want rate changes

H. Cutner
Auto Insurance

Insurers in North Carolina are hopeful that the industry in the state will undergo alterations. The North Carolina auto insurance industry is currently divided between the companies that would like things to remain the same as they are now, and those that are hoping to give next year another try for changing the state’s unique regulatory system in order to be able to alter the rates. At the moment the state has some of the cheapest rates in the entire country. The industry will be arguing that the reason that…

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

Nordstrom

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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