North Carolina has the honor of having some of the lowest auto insurance rates in the country. But that could change if industry-backed legislation passes. According to Bloomberg Businessweek, North Carolina’s top insurance regulator says the move would increase rates by up to 15 percent a year and cause problems with the state regulatory system.  “The bottom line here is this: insurance companies want more of your money. These proposals would no doubt lead to higher car insurance rates,” Insurance Commissioner Wayne Goodwin said at a news conference according to Bloomberg Businessweek.

The report sites Insure.com’s findings that a 40-year-old single male driver who commutes 12 miles to work in North Carolina would pay $1,154 a year, compared to $1,561 as a national average. That makes North Carolina the seventh lowest in the country for auto insurance. So why are the state’s rates so low? Officials say it’s because the state’s insurance commissioner can currently limit auto insurance rates. “Really the best regulator of price is competition,” said David Stoller, a lobbyist for State Farm Mutual Automobile Insurance Co, according to Bloomberg Businessweek. “That’s why companies advertise, they want to compete on rates.”

The 175 auto insurance companies with customers in North Carolina are required to propose a common increase or decrease to rates which is reviewed by staff in the insurance department. Under new proposed legislation, auto insurance companies could raise their rates by up to 15 percent without approval from the insurance department. Companies would also be able to consider a customer’s credit score when setting their rate.

Roughly two out of three people over the age of 65 will need long term care either at home, through adult day health care or at an assisted living facility. The study, completed by Genworth Financial also found that long-term care isn’t just for the elderly– 40 percent of those receiving it are between the ages of 18 and 64. The study found that while long term care costs are increasing just like other health care costs, the price for in-home care is increasing at a slower rate. The increase over the past five years is 1.7 percent.

While long term care costs continue to rise nationally, the cost for in-home care is rising at a much slower pace. For many Americans, in-home care could even be their most cost-effective choice. “Long term care is not just about nursing homes anymore. Care options have expanded dramatically over the past several years to include a far greater choice of settings that reflect the ways in which individuals prefer to receive care,” Buck Stinson, President, U.S. Life Insurance Products at Genworth, said in a news release.

According to the study, receiving at home care may be more affordable than other options. Five years ago the median rate for a private nursing home room was $60,225 a year. In 2010 that has increased to $75,190. However, rates for a home health aide have increased from $17.50 an hour in 2005 to $19 an hour in 2010. The survey found that Alaska, Minnesota and Rhode Island are the most expensive states for receiving home care. The median hourly rate for an aide there is $25. Compare that to the least expensive states of Alabama and West Virgina where the same services will cost just $15 an hour.

Consumers holding Farmers Insurance auto policies up for renewal in Oregon scored a victory recently. Farmers Insurance Co. of Oregon has been changing consumer premiums based on current credit reports and insurance scoring when it’s time to renew policies. The company has been doing this for three years despite knowing the law does not allow this practice.

As the financial markets continue to shake or collapse under the weight of the current economic crisis, many investors are looking to the federal government to provide protection for their money. With bank account kept secure by the FDIC, and money market funds now brought under the protective wing of the Treasury Department, many are beginning to wonder about another important sector: insurance.

Would you like to pay less for your home insurance? Have you used the same insurance company for a long time, but are now ready to look for a new insurer? Or, are you buying a new home and want to know how much it will cost to insure it? You can get the information you need by obtaining home insurance quotes.
Do not be shy about asking for these quotes. Insurance companies are quite used to this. It will not influence the policy you may already have, nor do you have to purchase a policy from a company just because they have given you a quote.