Chad Richards: Insurance competition good

June 25, 2013 

Insurance competition good

In response to the June 19 business article “Auto insurance feud rekindled”: The article failed to mention that North Carolina is the only state in the country that doesn’t use free-market competition for car insurance rates. Instead, the process is dictated by government price controls.

North Carolina auto insurance customers should have the benefit of rates that reflect fierce competition for their business. They should also have the opportunity to take advantage of programs and discounts that are enjoyed by customers in other states but are not available here.

The amendment promotes modest change that will benefit all auto insurance customers. The commissioner retains the authority to approve any and all rates. I suggest asking those who oppose the amendment to actually show some proof that their doom and gloom comments are justified. They can’t.

For insurers who like the current system, nothing forces them to operate any differently. It simply gives insurers the freedom and flexibility to compete in a free-market system.

Chad Richards

Raleigh

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