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In the News

Insurers look, again, to pad bottom line

Published: Wednesday, June 19, 2013
The complete editorial can be found here: The Charlotte Observer

A new study by Insure.com finds that North Carolina has the third-cheapest car insurance in the nation, higher than only Maine and Iowa. North Carolina’s average rates are just 40 percent of those in the highest state, Louisiana.

North Carolina’s drivers could zoom up the rankings in a hurry, though, if a coalition of insurance companies gets its way with the legislature. A group of insurers that includes State Farm, Allstate and Geico wants to change the way car insurance rates are set in this state. Get a tight grip on your wallets.

This coalition – which goes by the name FAIR NC – is nothing if not persistent. It has been pushing similar changes for years. The latest effort seemed to die in April when the insurers’ bill was sent to the Senate Rules Committee to rot.

The proposal is being resurrected, though. FAIR NC hopes legislators will overhaul a related bill that passed the Senate unanimously and now sits in a House committee. Insurance Commissioner Wayne Goodwin says this version is even worse than the one that died this spring...

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