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Forsyth, Guilford motorists face steep auto insurance premium hike request

  • March 10, 2023

Motorists in Forsyth and Guilford counties would pay a higher annual automobile insurance premium rate than the statewide request made last week by the N.C. Rate Bureau. The N.C. Insurance Department announced Thursday the request has been submitted to Commissioner Mike Causey, with an effective date of Oct. 1.

The rate requests are made by territory and listed by ZIP codes. The statewide request is for a 28.4% hike. Some counties, such as Davidson and Guilford, are split into two or more territories.

A 29.6% increase is being requested for motorists in the 350 territory that consists primarily of Davie and Forsyth counties, along with the Forsyth portion in Colfax, High Point and King. The 350 territory also includes nine ZIP codes in Greensboro, as well as all of Jamestown, Summerfield and Oak Ridge.

Meanwhile, there is a 34.6% increase for the 340 territory that consists of 19 ZIP codes in Greensboro and six in High Point.

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The bureau is an independent group representing insurers writing policies in North Carolina. It typically asks for rate increases — some substantially higher in areas prone to damage from natural disasters, such as hurricanes, floods and winter storms. However, the insurance commissioner typically seldom agrees to a rate anywhere close to the bureau’s full request.

Other proposed rate increases affected the 14-county Triad and Northwest N.C. are:

27.6% increase for the 320 territory that consists of communities in Alamance, Davidson, Guilford, Randolph, Rockingham, Stokes, Surry, Wilkes and Yadkin counties.

  • 31% increase for the 360 territory that includes Lexington, Thomasville, Wallburg and Welcome.
  • 27.6% increase for the 370 territory that includes Linwood.
  • 27.1% increase for the 480 territory that includes Alleghany, Ashe and Watauga counties.

It is the bureau’s first auto insurance premium rate increase request for private passenger motorists

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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.

“The

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Allstate still losing money on auto insurance, despite rate increases

  • September 4, 2022

Allstate still losing money on auto insurance, despite rate increases

By Dave LaChance
on
Insurance

In spite of raising rates by an average of 8.3% in all 50 states, Allstate continues to lose money on auto insurance, according to the company’s second quarter underwriting results.

The carrier said it paid out nearly $1.08 to cover claims and expenses in its auto business for every dollar of premium it collected. Even subtracting the effects of claims payments due to wind and hail storms, mainly in the Midwest, Allstate paid out $1.02 for every dollar in premium.

Allstate has been carrying out its pledge to investors to aggressively pursue rate increases to bring its auto insurance business back to profitability. The company reported implementing rate increases totaling $258 million in the month and $601 million in the quarter, after implementing $862 million and $702 million of rate increases in the first quarter of 2022 and fourth quarter of 2021, respectively.

In a Securities & Exchange Commission filing, Allstate said it is not done seeking higher rates. “Allstate continues to implement significant insurance rate increases given ongoing inflationary impacts on claim severities,” it said.

The carrier reported three factors reflecting “persistent increases” in loss costs:

  • Increases in physical damage costs are geographically widespread and reflect higher part prices, labor rates, and length of claim resolution.
  • Increases in injury claim costs reflect more severe auto accidents, increased medical inflation, higher consumption of medical treatment, and more claims with attorney representation.
  • Claims reported in 2021 but settled in 2022 were subject to the rising vehicle values, parts prices, and labor rates experienced during 2022, which contributed to the adverse loss of reserve development.

allstate-auto-insurance-rate-hikes” class=”external”Crain’s Chicago Business reported that, with the increases, the carrier’s rates are now

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