15Mar 2023 by Charles E. Price
Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

Rate Cap Clapback: IBC says Alberta auto insurance rate cap ‘does nothing to improve affordability’

INSURANCE
Edmonton, Alberta — If there are two things the insurance industry and the “Real Housewives” series have in common, it is a stupefening propensity for drama and scandal, as has unfolded Thursday when the Alberta government announced an immediate cap on auto insurance rates through to the end of the year. Announced in a joint release from the province's ministry of finance and affordability and utilities, the Alberta government says it will be “taking action on insurance” through this rate cap, as well as a mandate for insurance companies to allow customers to pay premiums through payment plans. "Affordability is a primary challenge facing many Albertans as rising inflation makes it challenging for many to afford necessities, including auto insurance," said minister of affordability and utilities, Matt Jones. "We are…
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12Mar 2023 by Charles E. Price
Insurers decry Alberta’s auto insurance rate freeze decision

Insurers decry Alberta’s auto insurance rate freeze decision

INSURANCE
But this rate stamp has been received poorly by the industry. “A rate freeze does nothing to improve the affordability of auto insurance in the near term and only pushes today's challenges down the road,” a statement from the Insurance Bureau of Canada (IBC) said. IBC's statement, which was alberta-governments-decision-to-freeze-auto-insurance-rates">released on the same day Alberta put a hold on rate increases, also explained that rate caps have resulted in “significant negative consequences” for consumers, pointing to previous instances in Alberta's history. “During Alberta's last provincial rate cap from 2017 to 2019, consumers faced challenges securing the coverage they needed, as insurers were forced to take action to remain viable and continue paying customers' claims. Premiums still increased by 12% when the rate cap was in place.” The Insurance Brokers Association…
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21Feb 2023 by Charles E. Price
Stretch Your Dollar: Saving on car insurance

Stretch Your Dollar: Saving on car insurance

INSURANCE
Conn. (WTNH) — It's Car Insurance Day, and with the cost of everything going up, we're Stretching Your Dollar with the best moves you can make this month to ensure you're paying the best rate. It's February and the winter months may have you checking your home and vehicle to ensure they're prepared for colder temperatures. While you're looking for ways to save, experts say not to overlook your car insurance — an expense that can be easy to forget about is just as easy to get lowered. MSN has four auto insurance moves you can make to ensure you're paying the best price. The first is to shop around for a better rate. Doing a little research can lead to lower premium rates, so it may be well worth…
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07Feb 2023 by Charles E. Price
The North Carolina Rate Bureau wants a 28% increase in auto insurance

The North Carolina Rate Bureau wants a 28% increase in auto insurance

INSURANCE
RALEIGH, NC (WTVD) -- Tired of paying soaring prices for groceries and gas? If the North Carolina Rate Bureau gets its way, you can add car insurance to the growing list of skyrocketing expenses.The Rate Bureau filed a request to increase the cost of auto policies by 28.4%, Insurance Commissioner Mike Causey announced Thursday.If the rate hike is approved, it will go into effect Oct. 1.The NC Rate Bureau represents auto insurance companies in the state. By law, the bureau must submit auto rate filings with the NC Department of Insurance every year by Feb. 1.ALSO SEE: 'Want to save on your car and home insurance? How one call could save you hundredsA release from the DOI did not specify why the auto insurance sector requested such a substantial hike.Car…
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05Feb 2023 by Charles E. Price
Insurance companies request a 28.4% rate increase for auto insurance in North Carolina

Insurance companies request a 28.4% rate increase for auto insurance in North Carolina

INSURANCE
Insurance companies want to raise drivers' rates for car insurance.The North Carolina Rate Bureau represents insurance companies in their dealings with state leaders. The bureau submitted a filing to the North Carolina Department of Insurance to increase prices on auto policies statewide by 28.4%, North Carolina Insurance Commissioner Mike Causey announced Thursday.Any change would become effective on Oct. 1.Causey is set to review the request to determine whether the requested increase is justified and to negotiate with the bureau rate.If the department does not agree with the requested increase, it can negotiate a settlement or call for a hearing.North Carolina law requires the bureau to submit auto rate filings with the department each year by Feb. 1.A Value Penguin study cited an S&P data report showing North Carolina's annual car…
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