car insurance


Insurance companies request 28.4% rate increase for auto insurance in North Carolina

  • March 7, 2023

Insurance companies want to raise drivers’ rates for car insurance.

The North Carolina Rate Bureau represents insurance companies in their dealings with state leaders. The bureau submitted a filing to the North Carolina Department of Insurance to increase prices on auto policies statewide by 28.4%, North Carolina Insurance Commissioner Mike Causey announced Thursday.

Any change would become effective on Oct. 1.

Causey is set to review the request to determine whether the requested increase is justified and to negotiate with the rate bureau.

If the department does not agree with the requested increase, it can negotiate a settlement or call for a hearing.

North Carolina law requires the bureau to submit auto rate filings with the department each year by Feb. 1.

A ValuePenguin study cited an S&P data report showing North Carolina’s annual car insurance rate changes compared to the previous year:

2017: 4.1%

2018: -0.8%

2019: 0.7%

2020: -1.3%

2021: -0.3%

2022: 3.7%

In 2022, consumer financial services company insurance/car/average-cost-of-car-insurance-in-northcarolina/”Bankrate found the average North Carolina car insurance cost is $1,392 each year for full coverage and $431 annually for state minimum coverage limits.

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North Carolina car insurance rates are going up

  • March 3, 2023

North Carolina Rate Bureau submitted a rate filing with the N.C. Department of Insurance, requesting an increase in everyone’s car insurance.

GREENSBORO, N.C. — The North Carolina Rate Bureau has requested to increase auto insurance rates by 28.4%.

The rate filing was submitted yesterday to insurance commissioner mike causey.

The increase would impact private passenger car insurance rates across the state and would go into effect around October 1st of this year.

It’s no secret that prices are on the rise.. eggs.. gas… well now there’s a request to raise car insurance by 28.4%.

I know, I know.. that can seem like a shocking number.

Just because it was requested, doesn’t mean it’ll happen.

“It’s just crazy and the price just keeps going up. People just can’t afford that,” Jack Farrar, a driver in Greensboro said.

Drivers clearly aren’t happy. Would you be?

“That is a very high price to put on people right now when money is scarce,” Oman said as he was filling up his gas tank.

After the NC rate bureau requested a 28.4% car insurance increase.

“Things are getting crazy all over the world food gas insurance everything closes everything is getting really crazy so trying to reduce not raise it,” driver, Eiman Maki said. 

Don’t panic just yet.. this isn’t set in stone.

“It’s just a request that that is all that is it’s just a number that they believe is what they see is justified based on their experience,” Insurance Commissioner, Mike Causey said. 

The North Carolina Rate Bureau represents the auto insurance companies in our state. According to the law, rate fillings have to be submitted no later than February 1st every year.

Causey said this was a legislature set up decades ago that requires a rate set by the bureau system.


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Car insurance premiums are on the rise

  • February 26, 2023

Some Ontario insurers have received approval for rate hikes as high as 15 per cent

THUNDER BAY — Many drivers can expect to experience sticker shock when their car insurance policies come up for renewal this year.

In Ontario, the Financial Services Regulatory Authority has already approved insurance companies’ applications for rate increases as high 11 to 15 per cent, while others have been granted smaller hikes.

“Insurance rates are going to go up in the near term, because we’ve already seen rate approvals at FSRA come in. An insurer operating in Ontario has to apply to FSRA if they want to raise rates. It will look at the application and say ‘Yes, that makes sense based on your numbers. Your costs have gone up,’ ” explained John Shmuel of 

In interviews with TBnewswatch, Shmuel and a spokesperson for the Insurance Bureau of Canada cited multiple reasons for the rise in premiums.

Some of the recent increases are “the biggest ones I’ve seen in a long time,” said Shmuel, managing editor of the website that allows consumers to compare rates for a variety of financial products.

“If nothing else changes in the next few months, most people who are renewing will probably see an increase from their car insurance company.”

This may come as a surprise to many drivers, as during the COVID-19 pandemic over the past three years, insurers were offering rebates or discounts on existing premiums because people weren’t driving as much and the frequency of collisions declined.

According to the Insurance Bureau of Canada, premiums in Ontario actually fell by an average of 4.5 per cent from July 2021 to July 2022.

“That’s changed in the past six months,” Shmuel said. “We’ve seen traffic come back to pre-pandemic levels and exceed them in some cities,

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Car insurance in Detroit is expensive, lags Miami, Tampa

  • February 19, 2023

Metro Detroit has the third-most-expensive car insurance in the country, according to a new report.

Only Miami and Tampa residents spend more of their income on premiums than in metro Detroit, where residents pay $3,067 each year, according to the report from, which looked at the 25 largest metro areas in the country, by population.

Michigan’s the seventh most-expensive state for car insurance, with an average annual premium cost of $2,691.

Miami residents pay $3,447 a year and in Tampa, car insurance costs $3,302 annually, according to the report. With average premiums of $3,139 annually, New York is the most expensive state for car insurance, the report said.

The high insurance premiums in metro Detroit mean residents spend nearly 5 percent of their household income on car insurance. The national average is $2,014 a year, nearly 3 percent of the average U.S. income and almost 14 percent higher than a year ago. Bankrate data shows metro Detroit costs are 6.79 percent higher than they were in 2022.

High auto insurance rates were part of the impetus behind a rework of Michigan’s no-fault insurance law in 2019.

The higher costs are due to inflation, labor shortages and supply chain disruption, Cate Deventer, a Bankrate analyst, said in a statement. She said individually, the factors increase the costs of claims and when combined, they significantly drive up the cost to repair or replace a vehicle.

And the costs can be even higher depending on circumstances. Causing a car accident increases metro Detroit car insurance premiums to $4,270 a year; a married couple who adds a 16-year-old driver will see rates rise to $6,455 a year and a drop in credit will lead to a jump in costs to $8,056 a year, according to Bankrate’s report.

In metro Detroit, a drop

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What Is Comprehensive Car Insurance… and Is it Worth It?

  • February 17, 2023

In the U.S., drivers are legally required to carry liability insurance but comprehensive insurance is usually optional.  If someone owns a vehicle outright, he or she is not required to have comprehensive car insurance. But if someone finances a vehicle, sometimes the car loan company could require him or her to take out comprehensive insurance.  

In the following article, we will discuss what comprehensive car insurance is in detail and whether it is worth getting, even if you are not legally required to have it. 

What is comprehensive car insurance?

Comprehensive car insurance covers damage to your car that results from causes other than collisions.  

As with other types of auto insurance, comprehensive coverage pays for part of your loss after damage to your car. The other part, known as the deductible, is the amount you have to pay.  

The damages that your insurance payment can be used for includes repairs and even a new vehicle.

What does comprehensive car insurance cover?

We have mentioned that comprehensive car insurance covers damage to your vehicle other than that caused by collisions. But neither does comprehensive insurance cover personal items that are stolen from your car or damage to your car that has been caused by potholes.  

So, what types of damages does it cover?  

Well, with comprehensive car insurance in place, you will have coverage for damage that is caused by things like:

  • Natural disasters, such as tornadoes, floods, and earthquakes. 
  • Vandalism.
  • Riots.
  • A run-in with an animal, such as a deer.
  • Break-ins.
  • Theft.
  • Fires. 
  • Fallen objects, such as rocks and tree branches. 

Is comprehensive car insurance available around the world?

Yes, comprehensive car insurance is available around the world.  

Though, you should make sure that it is available in your specific country before you begin weighing up

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Insurance companies dropping new Kia, Hyundai policies

  • February 15, 2023

At least two major insurance companies are not issuing new policies in some areas for certain Hyundai and Kia vehicles. Here’s what drivers need to know.

If you own a vehicle from two manufacturers, you may not be able to have it insured by some major companies, a social media post claims. 

“Major car insurance companies plan to drop Hyundai and Kia from their plans due to thefts!” the poster claimed in a viral tweet on Jan. 30.

Recent online search data also show that Hyundai and Kia drivers are looking for information about insurance policies. 


Have some car insurance companies stopped covering Hyundai and Kia models due to thefts?



This is true.

Yes, some car insurance companies have stopped covering Hyundai and Kia models due to thefts. The change applies to new policies, not those for existing customers

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Progressive and State Farm are not issuing new policies in some areas for certain Hyundai and Kia vehicles due to an uptick in thefts involving the cars. 

Both insurance companies say they will continue to insure existing customers who own these types of vehicles. 

Scott Holeman, a spokesperson for the Insurance Information Institute (III), also confirmed the institute is only seeing the suspension of new customer applications in some states, not the dropping of existing customers.

The insurance companies did not provide a list of vehicles that they will not insure right now. But a spokesperson for Kia said the impacted models include “2011 to 2021 Kia vehicles equipped with a steel ignition key for turn-to-start operation.”

Hyundai didn’t provide information about impacted models, but a spokesperson said in a statement that the company “regrets this decision by insurers and

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Inflation may be falling, but not the cost of your car insurance

  • February 12, 2023

MIAMI – If you think news that inflation is easing means you’re not going to get hit with any more higher prices, think again.

At least, that is, if you’re paying for car insurance. There’s a very good chance your premiums this year will go up – by a lot.

The average cost of full coverage auto insurance has hit $2,014 a year nationally, up nearly 14% from last year, according to Bankrate’s annual True Cost of Auto Insurance Report, released Monday.

Why? It’s a lagging effect of high inflation from the last two years that resulted from labor and parts shortages, which in turn drove up the cost of paying insurance claims on car repairs and related insured expenses.

“Car insurance rates are reactionary,” said Cate Deventer, Bankrate’s insurance analyst.

But the good news, she added, is this: “If inflation keeps cooling we could see insurers file for rate decreases in future years.”

Plenty of other factors may increase your individual premium.

For instance, putting your teen child as a driver on your policy will jack up the rate.

Ditto if you got into an accident, had speeding tickets, or were convicted of a DUI.

Expect to pay more, too, if your credit score fell or you let your auto coverage temporarily lapse.

Another big factor in how much your premiums will cost is where you live.

“Each geographic area has different risks and costs of living, [so] the cost for car insurance varies across the nation,” Deventer said.

Among major metro areas, Bankrate found that average 2023 premiums rose the most in Orlando (up nearly 23% to $3,078), followed by Phoenix (up nearly 17% to $2,164). They fell the most in Philadelphia (down nearly 22% to $1,872) and New York City (down 14% to $2,649).

Meanwhile, as a

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Average Auto Insurance Cost Soars Nearly 14% To $2,014

  • February 11, 2023

Insurance costs are climbing and drivers in Miami are paying an average of $3,447


The cheapest cars to insure in 2023

  • February 8, 2023
cars in traffic

olaser/Getty Images

When shopping for a large purchase, like a car, it’s not surprising that consumers want to find the best deals. When trying to budget for a vehicle, you probably consider the overall price, especially if you plan to get a loan. You might also consider the resale value and the fuel efficiency, given the higher cost of gasoline. But not everyone considers insurance costs. Some vehicles cost more to insure than others and over time, insurance rates can add up. Bankrate assessed auto insurance rates for the most popular car models to determine the cheapest cars to insure.

The 10 cheapest cars to insure

The cost to buy a new vehicle has skyrocketed since 2020, although used vehicle prices have started to fall since their peak in 2021. With inflation still elevated and car insurance rates rising to keep pace, you may be wondering if cheap car insurance could help offset some of these increased prices. While buying a different vehicle to get cheaper car insurance may seem like a drastic step, it could be a practical one, especially if you’re already in the market for a new or new-to-you ride.

Below, we showcase the 10 cheapest vehicles to insure based on our assessment of average rates for 27 vehicle makes and models. For comparison, the national average cost of car insurance is $2,014 per year for full coverage. We’ve included the average full coverage premium, as well as the starting manufacturer suggested retail price (MSRP), for each vehicle (remember that the MSRP will vary based on the trim package and optional features). We also highlight the percentage of the MSRP spent on car insurance, so you can decide if the average premium makes sense for the cost of the car, especially when compared to your financial

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Report: Price of comprehensive car insurance in NI remains well below UK average

  • September 12, 2022

Comprehensive car insurance in Northern Ireland on average is far below the UK as a whole, according to a new survey.

he average price of insurance per year here is £496, according to the insurance price survey.

The highest average price across bands here, running from young drivers to the oldest, is £540 while the lowest is £451. The company would not immediately give region-specific details or on the different bands.

According to the survey, the average price of insurance across the UK is £554, up from £522 a year ago, a 6% increase.

Premiums increased by £32 in the last 12 month across the UK, according to the survey, carried out in association with WTW, an advisory and broking company.

Motor insurance premiums have risen in the last three quarters, but there was only a small rise of one per cent, or £4, in the last three months.

The index is based on price data compiled from over six million customer quotes per quarter.

Tim Rourke, of WTW, said: “A combination of rising accident frequency after the pandemic lull and surging inflation sees upwards pressure on insurance prices coming from claims costs and repairs.

“These challenges are compounded by insurers also having to respond to the FCA’s pricing reforms, effective from January, which bans renewal prices being higher for existing customers than for new business.”

From April to June 2022, the cost of comprehensive car insurance increased the most in Outer London, where drivers saw a quarterly rise of 3%, £17, with average premiums now at £704.

Drivers in the South of England saw the steepest quarterly drop in prices, with their insurance premiums decreasing on average by one per cent to £437.

Inner London remains the most expensive region, where prices are now on average £882, having

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