The South Carolina Department of Insurance has approved new, tentative rates for credit property insurance in the state. The allowed rates amount to a 9.1% decrease from 2021’s levels, acting Director Michael Wise said in a bulletin posted this week.
The 2023 rates are:
- Automobile, fire and theft – single interest: 0.61%
- Automobile collision – single interest: 2.29%
- Household goods – single interest: 5.81%
- Household goods – dual interest: 0.68%
Credit insurance, also called debt cancellation coverage is often sold by banks, credit unions, auto dealers and finance companies when a borrower takes out a loan for a car or household appliance. It is designed to protect the lender and borrower in case personal property used to secure the loan is destroyed. Critics have said the insurance is costly to consumers and offers little gain.
The Department of Insurance also approved rates for credit accident and health insurance sold as part of loans.
Topics Property South Carolina
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