N.C. auto insurance rates low ranking

Auto insurance in North Carolina ranked sixth lowest among all States, a fifth season low before, according to the latest federal data.

Or not.

Another measure, the rates paid by motorists North Carolina eighth-lowest rank, that public insurance department.

Anyway, the department is satisfied with the location, because other countries among the lowest in 10 car prices are less densely populated North Carolina, said spokeswoman Chrissy Pearson.

“More population density is high, the more you’ll have more cars on the road, and the more chance you are on accidents,” she says.

The latest data from the National Association of Insurance Commissioners show that the year 2005, the average premium for auto insurance in North Carolina was $ 602.20. This is lower than the five states: Idaho, Iowa, Kansas, North Dakota and South Dakota.

The amount is the average consumer to pay for auto insurance, may also be liability regimes, collision and comprehensive coverage.

But the NAIC data do not include fees that owners pay to subsidize policy as a cover for drivers at risk to insure. These drivers are behind the art of creating NC reinsurance mechanism for liability insurance.

If we add the drop-allocation of the State to respect the low position, “said Kevin Conley, insurance actuary-in-chief of division.

The surcharge is levied on insurance liability. The average margin over the year 2005 was 11.2 per cent of accountability, increasing the average $ 637.98, Conley said.

The NAIC pointed out that state-by-state comparisons are tricky, because if a lot of factors affect the premium, such as accident rates reduce the density of traffic statistics, car theft, repair costs and laws of the state. But Commissioner Jim term insurance is expensive announces the status of the ranking.

Joe Stewart, executive director of the Insurance Federation of North Carolina, that the insurer damages, argue that the inclusion of the increase gives a better image, where the state.

Stewart calls “a hidden subsidy for a lack of hazard highest paid by drivers.”

The enhancement of the surcharge also in the insurance business with the Federation of the political agenda. Behind this group, a bill that led this year by the Senate majority leader Tony board, requires insurers to disclose the amount of the surcharge to drivers bills - it is not authorized by the legislation.

The law was passed by the Senate, but never by the vote on the State House, was adopted by consumer demand and supporters Long as part of wider efforts to revise the way State sets the auto insurance rates. Bord of a law which would, but later decided to conduct a study commission this issue.

The current rate of increase, which was in force, if the policy renewed in early October 1, 2.76 percent - or about $ 11 for the average liability. This is 9.8 percent previously.

The current supplement significantly lower price, Pearson said, is a sign that the system “self-correcting.

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