Insurance Commissioner Wayne Goodwin Heralds New Report Confirming NC's Low Car Insurance Rates

A recently published independent study shows that North Carolinians spend approx 1.6% of income on car insurance, the second lowest spent in the country!

The report acknowledges that a large contributing factor to this particular metric is how North Carolina has regulated car insurance rates over the years.

"It's not a perfect system, but it has contributed to the lowest average car insurance rates from Delaware to Texas and some of the very lowest in the country, while also having the third-most-stable insurance market in the country," explained Insurance Commissioner Wayne Goodwin.

Goodwin sees value in the system while still seeking targeted reforms.

"It is very interesting that some folks won't accept facts or evidence that our average insurance rates are among the very lowest. That's good for business and great for individual drivers and families," he said.

Follow Goodwin's ongoing discussion of this issue and other relevant topics by becoming a friend to his campaign Facebook page or following him on Twitter via @WayneGoodwinNC. Alternatively, stay tuned to the campaign website, www.waynegoodwin.org.

Insurance Commissioner Goodwin Pleased With Property Ratemaking Reforms

Says There is Still More Work to Do for Consumers & the Marketplace

The North Carolina General Assembly, with the support and strong encouragement of Insurance Commissioner Wayne Goodwin, recently enacted a package of property rate-making reforms.

"I'm pleased that the various stakeholders had input into the final product," said Goodwin. "Like with lawmaking in general, the results were in large part a series of compromises. Codifying my own personal practice of requiring public comment periods and granting me additional flexibility to negotiate or decide homeowners' rate cases were particular high marks of the new law."

A previous discussion about Goodwin's interest in reforms appeared on this blog several months ago.

The new law, introduced by GOP Senator Harry Brown after receiving a report from a select legislative study committee, will please persons in each of North Carolina's geographical regions, including the eastern/coastal area.

"I believe these measures contribute to my focus on targeted reforms and more fairness and setting adequate rates," added Commissioner Goodwin. "I'm doing what I can to strike the appropriate balance as we try to respond to the 'hard market' of the homeowners' insurance line of business. Taming that crisis is a goal of my administration."

Goodwin reminds us what this is ultimately about: Money and fairness. Consumers want to pay as little as they can for the promise that their claims will be paid; insurance agents want the ability to serve their customers with the best-priced, most-available products; and, of course, insurance companies want to make a reasonable profit so they will continue to do business and compete more in North Carolina.

Consumers and the industry benefit from the changes.

The new law is effective immediately in some parts and later this year in others. Learn more about this law and other related topics by visiting the website of the North Carolina Department of Insurance, www.ncdoi.com.

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