Tuesday, May 17, 2011

Call your North Carolina Lawmaker to reduce your Auto insurance premium.

There is a hidden cost in your NC auto premium.  It is the Clean Risk Allocation Surcharge.  Basically a tax levied on you to help the bad drivers who are insured in the NC Reinsurance Facility ( similiar to Assigned Risk in other states) pay for their insurance.  

Here is a website that goes more in depth;  http://www.insurancefederationnc.com/message/45/

If you want the condensed version:

Over time, SB477 also would eliminate a surcharge paid by all North Carolina drivers to cover the annual shortfall attributed to drivers in the Reinsurance Facility who are known as “clean risks.”  Though this “clean risk” surcharge is not disclosed to drivers, it averages 5-7 percent of a driver’s premium and has ranged as high as 10 percent.

Bottom Line: go to http://www.ncleg.net/ and find who your representatives are and notify them you would like this bill passed.  Well that is if you don't want to help other folks pay for their bad driving habits that is!

Tuesday, May 10, 2011

Why you need to be careful with Insurance Agents.

My Mother in Law passed away in February.  She was a wonderful woman in many ways, one of which was she was a great saver. She had money squirrelled away in annuities and several different life policies.  The problem was she used different agents and companies for each thing she did.  She also went with an agent because she trusted them.  Well as Ronald Reagan said, "Trust but verify".

I have spent untold hours tracking down policies because either these folks and/or their companies are no longer around. In one case on of these trusted individuals took such advantage of her I refuse to meet him face to face as I am worried what I might say to the guy!

I said all that to say this:  Your insurance program is one of the most important things in your family's life. Don't entrust it to just anybody.  Work with a local person who works with reputable companies.  I truly believe an independent agent is your best source for insurance because they can work for you, not the company.  Check out the company you are working with on http://ambest.com/ for their rating.  Check out the company website and make sure there are more agents in the area in case your agent is no longer there when you need the coverage.

Of course, if you are in North Carolina, we would be happy to see if we can be of help. Give us a call (252 756 5200) or go to our website www.clinehallagency.com .