A big part of this rate increase is liability. A few years ago they made hay of the fact that 25% of drivers ceded to the reinsurance facility (and other states less than 5%, most don’t even have one). Now it is over 30%; if this is not approved, ceding will continue to go through the roof. 50%? 60%? The rest of NC drivers will pick up the bill with higher and higher “clean risk” and “Loss recoupment” charges, which were once around 4% of liability premium; now they are closer to 10%.
The NCRB has not had an approved rate increase since 2009 — not even an inflationary increase. Cars and people have become more expensive to fix since then, and there are more accidents due to more people on the road driving more miles than before. As stated in the previous comment, ceded to the reinsurance facility and the recoupment surcharge all NC drivers pay will continue to escalate. The department of insurance needs to wake up and put the political-based decisions aside.
State Farm has already increased my rate by 20%. I have no violation’s what so ever. I’m sure I’m not alone. Just a big rip off of consumer’s in North Carolina. The hearing is in September so I guess State Farm has early birds to scam..and fleece.
I too am having a problem with State Farm increase. I have no violations either, however my premium has increased over $229.68 a year. Being on a fixed income this really hurts. I have been with them for over 50 years and have enjoyed discounts because of my length of time with them. What happened? At this time in my life I do not know what to do. There does not seem to be anyone out there to help folk over 70 years. Think it is because of age that this is happening, but what can we do?
A big part of this rate increase is liability. A few years ago they made hay of the fact that 25% of drivers ceded to the reinsurance facility (and other states less than 5%, most don’t even have one). Now it is over 30%; if this is not approved, ceding will continue to go through the roof. 50%? 60%? The rest of NC drivers will pick up the bill with higher and higher “clean risk” and “Loss recoupment” charges, which were once around 4% of liability premium; now they are closer to 10%.
The NCRB has not had an approved rate increase since 2009 — not even an inflationary increase. Cars and people have become more expensive to fix since then, and there are more accidents due to more people on the road driving more miles than before. As stated in the previous comment, ceded to the reinsurance facility and the recoupment surcharge all NC drivers pay will continue to escalate. The department of insurance needs to wake up and put the political-based decisions aside.
Do drivers age 70 and over have a rate increase even with a perfect driving record of 54 years?
State Farm has already increased my rate by 20%. I have no violation’s what so ever. I’m sure I’m not alone. Just a big rip off of consumer’s in North Carolina. The hearing is in September so I guess State Farm has early birds to scam..and fleece.
I too am having a problem with State Farm increase. I have no violations either, however my premium has increased over $229.68 a year. Being on a fixed income this really hurts. I have been with them for over 50 years and have enjoyed discounts because of my length of time with them. What happened? At this time in my life I do not know what to do. There does not seem to be anyone out there to help folk over 70 years. Think it is because of age that this is happening, but what can we do?