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Someone correct me if I'm wrong but the premium is something that is set by the insurance provider and isn't really negotiable with the agent correct? The differences are just what each company values your risk of coverage?
Correct...the rates that determine premiums are set by the insurer and approved by the state. "Negotiations" with any one company are pretty much limited to making changes like adjusting coverages/deductibles or looking for discount opportunities like multi-policy or certain affiliations.
15% is a very large increase. Did they move you to or are you currently on consent to rate? This would allow them to charge higher then the filed rates.
The NC General Assembly created the NC Rate Bureau to consolidate the approval process for automobile and homeowners insurance rates (and some other types of insurance). All the companies that offer policies in NC must belong to the NCRB. The NCRB proposes rate increases to the NC Dept of Insurance, which typically grants a smaller increase than the NCRB asked for. The approved rates are the baseline for every insurance company. The companies do have some wiggle room to deviate from the approved rates, such as offering discounts to people who get both auto and homeowners from the same company.
While the rates everywhere seems to have gone up (mine is +10%), the only way to "negotiate" a reduction is to ask your agent to check the rates from other companies. I presume in NC the companies do not all charge the same rates.
Don't be afraid to change the insurance companies if the savings are substantial (you decide what that is). Staying with one company has its pluses, but it doesn't hurt to at least find out what others would charge.
Then if people start going with their car manufacturer for insurance in theory = smaller pool of people for/in other companies so = increased rates.
Currently I agree that general inflation, especially pronounced in the automotive sector, is leading to increased rates. It is going up just like everything else.
The more an insurance company advertises the more its going to cost you. Just recently I changed my car insurance. I had Allstate since 1988. In the last 2 years my rates doubled. Never an accident, one speeding ticket 20 years ago, two drivers, two cars, one old, one new.
I purposely searched out reputable insurance companies who advertised very little. The one I chose has a requirement that one needs to download an app onto a cellphone that tracts your driving skills. Its activated for 3 months then it deactivates and can be deleted. My wife and I performed this. We have saved more than half of what our premiums used to be, over $1000 per year.
Allstate wanted to keep our business, so their counter offer, if you want to call it that, was to attach permanently, devices that track your mileage. I declined.
15% is a very large increase. Did they move you to or are you currently on consent to rate? This would allow them to charge higher then the filed rates.
That's so weird. Nothing has changes on our end. Live and work at the same place ...same cars for past five years....same coverage....not accidents or tickets....then WHAM 30% increase in premium in 2022.
I guess EVs are becoming more popular and they are more expensive than petrol cars to purchase and repair
Automobile mechanics aren't electricians... at least, they didn't have to be until now. Working with fuel lines is one thing. Working with 800 volt electrical systems is something else.
The drive motors for EVs are very expensive and can easily be damaged in a front end collision. In a gas-powered car, it's unlikely that the engine itself will be seriously damaged unless the wreck was so bad that the car was totaled.
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