Agreement rolls back N.C. auto insurance rates

[CameronBornAndBred]

And now for some good news. I didn't know this was in the works, but looks like NC drivers will get a welcome discount on insurance rates.

http://www.wral.com/news/state/story/5578245/

[CathyCA]

We might as well allocate those refunded automobile insurance dollars to our soon-to-be-increased homeowners policies:

http://www.insurancejournal.com/news/so ... 102231.htm

[DukePA]

That's good news. I couldn't believe it when I moved back to NC from Chicago and had to pay so much more for my auto insurance.

[CameronBornAndBred]

That's good news. I couldn't believe it when I moved back to NC from Chicago and had to pay so much more for my auto insurance.

Wow, I figured it would have been the other way around.

[devildeac]

An annual event in NC, or so it seem. They petition for a rate increase, the insurance commish says no, they raise their rates any way and they get rolled back 6-12 months later. :roll:

[YmoBeThere]

An annual event in NC, or so it seem. They petition for a rate increase, the insurance commish says no, they raise their rates any way and they get rolled back 6-12 months later. :roll:

Jim Long, the former Insurance Commissioner, set up the system that way. He would really push back and force rebate checks right around election time. This helps explain why he got reelected so many times. As for rates being lower in Chicago relative to NC, I'm also a bit surprised by that and I work in the industry. However, I haven't had to work with either state, so can't speak specifically.

[rockymtn devil]

I've--surprisingly--spent the past two days knee deep in the North Carolina Financial Responsibility Act (which, BTW, is perhaps the most poorly written, overly verbose statute I've ever read; single-spaced, it's nearly impossible to read/follow) and came away surprised at how high the minimum limits for UM/UIM coverage in NC are. Perhaps that had to do with the high rates?

[YmoBeThere]

I've--surprisingly--spent the past two days knee deep in the North Carolina Financial Responsibility Act (which, BTW, is perhaps the most poorly written, overly verbose statute I've ever read; single-spaced, it's nearly impossible to read/follow) and came away surprised at how high the minimum limits for UM/UIM coverage in NC are. Perhaps that had to do with the high rates?

Trial lawyers tend to be the root cause for higher minimum limits.

[DukePA]

That's good news. I couldn't believe it when I moved back to NC from Chicago and had to pay so much more for my auto insurance.

Wow, I figured it would have been the other way around.

Me too. I was seriously shocked.

[cl15876]

I've--surprisingly--spent the past two days knee deep in the North Carolina Financial Responsibility Act (which, BTW, is perhaps the most poorly written, overly verbose statute I've ever read; single-spaced, it's nearly impossible to read/follow) and came away surprised at how high the minimum limits for UM/UIM coverage in NC are. Perhaps that had to do with the high rates?

Trial lawyers tend to be the root cause for higher minimum limits.

Now, Now, Now, ... both of YOU!!! This is politics, not a lawyer's doing, specifically! Think bigger picture!!!! ;)

[rockymtn devil]

Trial lawyers tend to be the root cause for higher minimum limits.

I think you mean plaintiff's laywers ;) . Unless, of course, you're putting some blame for high limits on all those evil public defenders who are also "trial lawyers".

[YmoBeThere]

Trial lawyers tend to be the root cause for higher minimum limits.

I think you mean plaintiff's laywers ;) . Unless, of course, you're putting some blame for high limits on all those evil public defenders who are also "trial lawyers".

Hmmm...don't many of them end up in private practice eventually? But point taken.

[CathyCA]

Trial lawyers tend to be the root cause for higher minimum limits.

I wish we were that good, but we're not. At least not in North Carolina.

Here's one cause of higher minimum limits:

http://ncaj.com/file_depot/0-10000000/0 ... l%20Mutual

[YmoBeThere]

Ahh, the joys of insurance. Nothing is finally settled until all the money is gone.

[craziecat]

That's good news. I couldn't believe it when I moved back to NC from Chicago and had to pay so much more for my auto insurance.

I do have to say, that is one of the nice things about living here. I have very inexpensive auto insurance compared to you all. Everything else costs you out of the butt, but I can't have everything I guess .

[YmoBeThere]

but I can't have everything I guess .

http://www.youtube.com/watch?v=gfLD-7bCtME