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A State Law Change Could Raise Auto Insurance Rates

A State Law Change Could Raise Auto Insurance Rates

Insurance Regulators in North Carolina are discussing changes in state auto insurance law which could lead to much higher auto insurance rates for North Carolina drivers.

Insurance Commissioner Wayne Goodwin said in April 2011; he opposes doing away with his authority to limit auto insurance rate increases. The current auto insurance system supports over 100 auto insurance companies whom have filed auto insurance rates in North Carolina. These auto insurance companies often request auto insurance rate increases throughout a normal year.

Insurance Commissioner Goodwin has said drivers in North Carolina don’t understand auto insurance companies can decide they no longer want to insure a driver’s auto insurance liability. This risk can easily be transferred to a state pool where every North Carolina driver pays an auto insurance policy surcharge to defray the cost of funding the pool. These auto insurance companies may impose a higher auto insurance premium for property damage and other parts of the auto insurance policy to increase their profitability. North Carolina State regulators say the auto insurance surcharge averages $13 a year per driver per year and supports the system which prevents auto insurance companies from increasing rates.

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