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South Carolina Now
Published: December 25, 2011
Updated: December 25, 2011 - 8:25 PM
North Carolina legislators are once again examining how automobile insurance rates are made and whether there's a better balance between risk and costs. A committee is studying how premiums are set for the state's roughly 7 million insured personal vehicles and will recommend if any changes should be made. The panel is once again revealing divisions within the powerful insurance industry.
A coalition led by State Farm, Geico and Progressive say insurance companies should be given more authority to adjust their own rates. Currently all the insurance companies work together to file one annual overall rate change that applies to everyone.
Nationwide and North Carolina Farm Bureau Insurance aren't in the coalition. Nationwide says there's no need to dismantle the current system. The state's average premium ranks among the 10 lowest nationally.
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Source: http://www2.scnow.com/news/2011/dec/25/nc-lawmakers-look-auto-insurance-risks-costs-ar-2931598/
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