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.