Auto insurers not seeking higher NC rates
Posted February 5, 2014
Raleigh, N.C. — 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.