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Auto insurers not seeking higher NC rates

Posted February 5, 2014

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— Insurers providing vehicle coverage in North Carolina aren't seeking any change this year in the rates for passenger cars and motorcycles, state Insurance Commissioner Wayne Goodwin said Wednesday.

The North Carolina Rate Bureau, an independent agency that represents insurers, filed its annual rate request last Friday.

The rates remaining in effect are the result of a 2009 settlement signed by Goodwin that lowered car insurance rates to just below 2006 levels and delivered more than $50 million in refunds to about 1 million North Carolinians.

“The fact that today’s car insurance rates are no higher than they were in 2006 shows that North Carolina continues to have a strong and stable auto insurance market,” Goodwin said in a statement. “In North Carolina, we have more than 150 active auto insurance companies competing for our consumers’ business, and we have some of the lowest average rates in the country.”

According to the National Association of Insurance Commissioners, North Carolina has the sixth-lowest average auto insurance costs in the nation.

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  • SilverWolf Feb 6, 2014

    The State of NC declares drivers with no tickets or accidents high risk if they have dropped coverage for any period of time. Result is for three years you get robbed by the State and Insurance companies for no other reason than because they are greedy. Your rates may be as high as 69% more for the three year period. If I did this to a customer they would call it price gouging.

  • Hippy_mom Feb 6, 2014

    Whatever the reason, I'm thankful the rates aren't going up. Thank you, Mr. Goodwin!

  • cushioncritter Feb 6, 2014

    In this "economic recovery", there are many older, upside-down vehicles on the roads, many with 6-7 year loans so they still have full coverage even while rusting away on the roads. If these vehicles are totalled, the owner may not even get loan payoff depending on their policy, and may end up riding the CAT bus. So the insurance rates are actually higher than the incurred risk for the insurance companies, and should probably be reduced.

  • Geez Louise Feb 5, 2014

    Good job, Mr. Goodwin. Now do the same with homeowners insurance please.