Some consumers could see increases of more than 60 percent on car insurance rates if Gov. Sonny Perdue signs a bill passed during the 2008 legislative session that would allow insurance companies to raise rates without justifying them to regulators, Insurance Commissioner John Oxendine warns.
Part of me thinks he should and then let the market set the rates — not the Insurance Commissioner.
At the same time, insurance companies are more oligopolies than free market competitors — like the airlines, if one raises rates the others follow. Likewise, it’s not exactly convenient to wheel and deal between companies as rates fluctuate. Most people stick with the one they know.