Metro man upset after insurance rates nearly double; company says it’s because Oklahoma is ‘high risk’
An Oklahoma man is speaking out after he said his insurance rates have nearly doubled in the past couple of years.
Paul Ferrer said he called his insurance company a few days ago after getting a notice his rates were increasing for next year.
Two years ago, he paid about $670 a year.
Next year, his premium is more than $1,300.
He said the insurance company told him the increase is because he lives in Oklahoma.
Ferrer said it’s not right.
He said he believes there should be some sort of cap to make sure consumers are not taken advantage of by insurance companies.
The insurance commissioner’s office tells us they do not decide insurance rates.
While the rates have to be filed with their office, there is no limit to the number of increases an insurance company can file within each year.
Chellie Mills is getting more on this story.