North Carolina Department of Insurance Commissioner Wayne Goodwin announced Tuesday that after an investigation into Safeco’s operations from 2006-2008, the agency had found that many of it’s policyholders statewide had been overcharged. Those affected were not just automobile, but also homeowner and dwelling policies.

The NCDOI states that the main issue for the automobile overcharging were due to a miscalculation in the Safe Driver Insurance Point system (SDIP). Over 2400 automobile policies were refunded the largest portion of the funds, totaling in at $631,080.33.

The second highest payout was made to new business homeowner, this also was affected due to a rating that Safeco has wrongly implemented. Some 8200 individuals were refunded over $360,000.00 for this mistake. Finally, new business dwelling fire was the least affected by this investigation with only 497 policies being affected resulting in about $55,000.00 in refunds.

Most of us just call up our local agent, get a quote emailed to us, take it in stride and pay what they say we “owe” without thinking twice, because, lets face it, we as purchasers have no idea what calculations go into what we should be paying. Being that this appears to be a fairly big issue at hand, it wouldn’t be surprising if the NCDOI continues to press these underwriting groups and agents to abide by the guidelines that have been implemented.

If you have questions about your insurance policy or just want to check up on your coverages, give your agent a call to discuss. While for most, insurance is just a benefit that we rarely use, it’s never a good thing drive without it, besides it’s ILLEGAL. Protect yourself and make sure you have coverage in case someone else on the road doesn’t. It’s better to have the coverage to cover your medical expenses than to be stuck holding the bill.

If you’ve been hurt in an accident by someone who didn’t have insurance, call Campbell & Associates today for a free consultation. 704-333-0885. Or stop by our website to fill out a form and one of our representatives will contact you to discuss your case.