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Seems like it will create more of a free market for insurers. I'm all for it. There might be an initial bump in rates, but over time consumers should win as there will always be a company trying to provide a better and more affordable insurance package than the next company.
OK, I'll bite. How does this have anything to do with people relocating here from somewhere else? Do we have more voting power to elect the people involved in government?
Seems like it will create more of a free market for insurers. I'm all for it. There might be an initial bump in rates, but over time consumers should win as there will always be a company trying to provide a better and more affordable insurance package than the next company.
Agree 100%. If it's too much, they'll wind up losing money in the long run. If you're a good driver this shoudln't affect you too much, because good drivers can easily switch companies and shop for the best rate. I have a feeling this will affect bad drivers more which is the way it should be.
OK, I'll bite. How does this have anything to do with people relocating here from somewhere else? Do we have more voting power to elect the people involved in government?
More people in more cars equal more accidents. It's not that complicated.
If what saturnfan says comes to pass, insurers will be having a field day in NC. Low auto rates are one thing I miss about over there....well, apparently not anymore.
If it's too much, they'll wind up losing money in the long run.
Could you explain this logic to me, because I'm not getting it. Maybe I'm just not awake yet, but to me it seems like they'll make more money, because auto insurance is not an elastic commodity. We have no choice but to insure our vehicles if we want to use them. The only choice we have is between companies, and if they all raise rates by the same percentage, we will still be paying more, even if we go with the company with the lowest rate (which is what I think most people do anyway).
If you're selling something that people are required by law to buy, you can pretty much charge as much as you want in a free market, as long as it is in line with competitors.
Quote:
Originally Posted by Waterboy526
If you're a good driver this shoudln't affect you too much, because good drivers can easily switch companies and shop for the best rate. I have a feeling this will affect bad drivers more which is the way it should be.
This is probably true. But I think we will all end up seeing some amount of increase initially, at least from what we are currently paying.
Personally, my insurance here is half of what it was in Miami, and it has actually gone down (albeit by only a few dollars at a time) every six months since I got my policy here. I have always had a "safe driver" designation, and this is something I never experienced before moving to NC.
jfre81 is right about more people = more accidents - especially when infrastructure isn't keeping up with the number of cars on the road. Auto ins. rates in Miami jumped exponentially over the years as the population rose. It's just a numbers thing.
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