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A story in the Charlotte Observer, inside the local section, covers an insurance issue some of the major companies want to slip under the radar, again.
A few of the companies, i.e., State Farm and GEICO, want the NC Rate Bureau abolished. These are the same companies that want the Insurance Commissioner's position abolished as an elected official, because he gets in the way of their desire to jack up rates beyond what is required to cover losses while maintaining a reasonable profit (vs ripping off consumers).
A couple of companies, Nationwide and the NC Farm Bureau, have not joined the coalition effort to abolish the Rate Bureau and undermine the Insurance Commissioner's power over setting or reducing rates charged by auto insurance carriers. Their reason, pharaphrasing what was in the paper from a Nationwide spokesman, is that the Rate Bureau helps maintain stability in the auto insurance business.
What most consumers do not know is that NC has some of the lowest auto insurance rates in the county, ranging from the 6th lowest up to the 9th lowest. What consumers also don't know is that the competitive market allows as much as a 45 percent spread from the lowest to the highest rate quotes on specific policies. This is what the late Jim Long, Commissioner of Insurance for over 25 years told a group of advocates when rates were being discussed. If the current Commissioner, Wayne Goodwin, has his power to govern rates abolished, it will be the consumers that will feel the effect through higher rates, period. People need to pay close attention to this story and let legislators know we are watching.
Note: I do not own any insurance stock. I have Nationwide insurance and I shop (get competitive quotes) every couple of years to see who has the best product (Amica is a good one to shop).
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