Auto insurance rates examined by lawmakers - News14.com

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RALEIGH -- Right now more than 150 insurance companies offer auto insurance in North Carolina. The rates drivers pay for that insurance is among the lowest in the country.

?Currently we have the lowest average car insurance rates in the South,? said Insurance Commissioner Wayne Goodwin, ?and I mean the 'big South' -- Delaware to Texas.?

Some insurance providers said that rate could be lower if state laws were changed. The big question surrounds the state's reinsurance facility. This is where insurance companies send customers they consider to be higher risk drivers, and it acts as an insurance policy of sorts for the insurance company.

In North Carolina almost 20 percent of all auto policies are sent there. A vast majority of those drivers are what are known as "clean risk." That is an industry term given to drivers who don't have points on their license or conviction, but are considered more risky by some standards set by the insurance provider.

Only about 25 percent of those in the pool are actually high risk drivers.

In North Carolina you have to provide all drivers insurance. Therefore, reinsurance facility is the backup for the risky drivers. To pay for the facility, all insurance policies in the state are charged a 4.3 percent surcharge each year, which works out to about $17 a year.

Insurance companies said without the reinsurance facility companies have more freedom. What that freedom means is up for debate at the legislative building.

?When fully implemented, it will result in 85 percent of North Carolina drivers paying less than they would have otherwise had to pay,? says John McMillan with the Insurance Federation of NC.

Lee Morton, with Nationwide Insurance counters, ?About 992 thousand North Carolina policy holders will face an increase in their automobile insurance premium. This is indisputable.?

This disagreement within the insurance industry has created multiple proposals being sent to lawmakers to change things, and no clear answer for lawmakers on what if anything should be done.

Source: http://triangle.news14.com/content/top_stories/652937/auto-insurance-rates-examined-by-lawmakers

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