make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

NC auto insurance companies request rate increase

READ MORE:
auto300.jpg
RALEIGH, N.C. -- Auto insurance companies in North Carolina are asking for a 1.4 percent rate increase despite being at odds with the state's insurance department. The state Department of Insurance said Monday the North Carolina Rate Bureau has requested the statewide average increase for 2009. The annual request comes despite the bureau's appeal of a state order in 2008 to decrease rates by 16.1 percent. Then-Commissioner Jim Long issued the order in September. Current Insurance Commissioner Wayne Goodwin said insurance companies have ignored that decrease and increased their rates 9.4 percent in 2008. It went into effect Jan. 1 but could be overturned by the court system. Goodwin said he will schedule a hearing for later this year if the Bureau and the department cannot agree on a settlement for the filed rates. (Copyright 2009 by The Associated Press. All Rights Reserved.)

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.

»

North Carolina Insurance Increases

Well I betta ol Surf City Tom is dancing around like mad now...over whelemed with joy that the insurance companies are sticking it to us the poor folks who are required by law to be insured again. His insight about having to Pony up to the plate in another article on here really ticked me off. I mean what does he think we pay insurance for...it dang sure ain't no investment in my future or my kids. By the way I personally would like for this Surf City Tom, the representitive of the insurance companies to tell all of us readers what is the value of a life by his client, the insurance companies standards. I mean I'm 26 years old so what I am worth? I mean they want us to continually pay increased rates right, does this mean we are more valuble than ten years ago? Personally I think someone needs to step up and tell insurance companies what they can charge and the we the insured set the limits on what the claim limits should be. Figure out how much you pay for insurance in a lifetime versus the amount we all save for our retirements and children's college funds. Maybe like taxes proposals there should be a flat rate you pay for insurance. Maybe the new insurance commissionor can change things and make insurance rates decrease instead of increasing. Well I've voiced my opinion. Now off to work so I can make money to pay my insurance premiums.

Accounting 101

What in the world does what you pay for auto insurance have to do with how much you save for retirement? One is a necessary expenditure, the other is categorized as investment/savings. I'm sure I, too, would love it if I could tell State Farm what my premiums will be and what they'll pay me on a claim, but this is Real Life on Planet Earth, not Fantasy Island. Your insurance premiums are generally what YOU make of them. (It has nothing to do with your general value as a human being, or the value of the guy wou hit.) Get in a few wrecks, drive 2008 Corvette, or get a DUI and I'm sure that it becomes QUITE an expenditure. Drive a ten year-old vehicle, have no wrecks or DUIs, and I can 100% guarantee you that you can have a policy with liability coverage far above the minimum for about $400 a year. BTW, one of the reasons that insurance is so expensive in this state is because the Insurance Commissioner has had far too much influence over rates. Too much governmental regulation stifles competition, and we have a very non-competitive insurance market in NC.

What?

Too Much govt.regulation stifles competition? If it wasn't for the insurance commisioner you would be paying FAR MORE for insurance than you are now. The crook inusrance companies request a rate increase, and the commisioner's office either approves it or disapproves it based on their financials. You are in the middle of one right now where the excess premiums are held in escrow by the insurance companies. If they are found unjustified by the commisioners office, you will get a refund. Like the one we got some years back when they wanted more than they could justify to the commissioner's office. PLEASE!

Guess again

Compare national rates and you'll find that we have one of the narrowest spreads between highest and lowest costs in the country. The Insurance Commission sets a window and all companies have to opperate within that window. Any company that wants to operate below that is not allowed to, and yes, there are small, start up independents that want to....even some giants. Prudential stayed out of North Carolina for many years because they felt they lost their main competitive advantage if forced to set the rates at the same level as all their competitors. The state has a right and reason to set rates for naturally evolving monopolies, such as your electric provider. As for insurance, however, with the number of companies willing to sell insurance to you, they need to back off and let the market set prices. Your rates would likely come DOWN, especially if the state got out of that high risk re-insurance pool, or whatever it's called. High risk drivers need to pay through the nose, and good drivers should not be subsidizing them. But that's your Insurance Commission at work...

well knucklehead

you clearly did not read my post. The balance of your post is not worthy of a response.

Thanks

Thank you to all of you morons who get into a fender bender with no sustainig injuries, hire a con artist I mean injury attorney, and walk away with $5,000.00 in your pocket for nothing. This is YOUR fault. Have fun spending that money on increased premiums over the years you fools. Your frivilous acts of idiocy have finally paid off... to the insurance companies.

No Thank You

I was in a "fender bender" and the idiot that hit me took off. I didnt hire a lawyer but I should have because I have spent 3 months dealing with the mess. Its not fair to victims to have to deal with this. That is what we have insurance for. If my insurance rates go up then so be it, but I guarantee the person that hit me will pay far more! Thanks to our lovely police department we found the person involved and now their insurance can pay me, but going through all of this, I deserve a pay out. Apparently you have never had to deal with this type of situation, or you wouldnt be so quit to run your mouth!

insurance

Great. Another higher bill to look forward too. Insurance companies are greedy. Period.

see the

post by Angry Driver. Drivers who file frivilous claims contribute to the increase. Injured parties who rush to the open arms of an attorney as they are going to the doctor contribute to the increase. As the article noted, there will be a public hearing. There is also a court case wending its way through the judicial system over a prior increase. Perhaps the new Insurance Commisioner will develop the same pro-consumer stance held by his predecessor, Jim Long.

GASP!!!!

How DARE a business want to make money! I thought they went to all the trouble of starting up, capitalizing, and operating the companies just to be nice guys...

argggg

Gee Common you gripped about Obama raising taxes for months but its OK with you to pay higher premiums for insurance? Call me confused. I wonder just how much they are tightening their corporate belts to save money rather than just making us pay for the quality of life they have become accustomed too? I bet not at all.

We get something in return, Das

"Taking money" cannot be lumped into one category of bad. State Farm has kissed my fanny the three times I had a homeowner's claim. After Fran, the adjuster had to go back to his car to get some additional zeros to add to the check. Money we pay for insurance premiums not only helps us in a disaster, but it helps move the entire economy. Do you think they simply sit on their cash reserves? When municipalities and companies float bonds to build water treatment plants or factories, who do you think buys them? Pension funds, investment firms, INSURANCE COMPANIES.... A LOT of insurance money provides short term operating capital (bridge loans of 30-90 days)that serves as the grease for our economic engine. You saw what happened to our economy when those loans dried up last Fall. On the other hand, when the government raises my taxes, the benefit depends on how the money is being used. That is rarely a good deal. Right now, for example, Obama's porkulus plan calls for a $1000 increase in child credit EVEN FOR PEOPLE WHO MAKE TOO LITTLE TO PAY INCOME TAXES. That means that we increase EIC, and the money that he takes from me will go directly to some deadbeat who doesn't even contribute to the support of this country. That's direct, pure, Socialist wealth redistribution. We are rewarding people who have neither earned nor deserve reward. See the difference? It's as simple as Capitalism v Socialism....or in Obama's case, Communism. Sure - I'd LOVE it if State Farm gave me free auto insurance and charged me $100 a year for the coverage I have on my home. But at least with them, I get SOMETHING in return, even if it's only peace of mind 99% of the time. The only thing I'm getting from Obama and the Pelosi Congress is the slow unveiling of their plan to destroy America as we know it.

i suppose....

...we are but only if we make claims. Many people never use their insurance they just pay and pay. The 1000$ that was added to the child credit is ridiculous. Wasn't it already 3000$? More free money. Gotta love the gov.

For all Obamaniacs

"You cannot legislate the poor into freedom by legislating the rich out of freedom. What one person receives without working for, another person must work for without receiving. The government cannot give to anybody anything the government does not first take from somebody else. When half of the people get the idea that they do not have to work because the other half is going to take care of them, and when the other half gets the idea that it does no good to work because somebody else is going to get what they work for, that my dear friend is about the end of any nation." "You cannot multiply the wealth by dividing it." - Dr. Adrian Rogers