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Posted: March 6, 2008

State to Fight Requested Auto Insurance Rate Increase

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Raleigh, N.C. — The state Department of Insurance on Thursday said it would oppose a proposed 13 percent average increase in auto insurance rates.

Insurance Commissioner Jim Long set a June 30 hearing on the request by the North Carolina Rate Bureau, an independent organization representing all auto insurance companies doing business in the state.

“This year’s request is the largest since 1994, and once again we question the tactics used by the insurance companies in determining this amount,” Sherri Hubbard, the DOI’s lead rate attorney, said in a statement.

Long will decide at the hearing what rate change, if any, is warranted. The Rate Bureau can appeal his decision in court.

Copyright 2011 by Capitol Broadcasting Company. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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Latest Comments
That's all we need right now, we've already had a rise in gas prices, higher utilities and grocery bills, and now this.
duvler
March 7, 2008 9:14 a.m.
All I know is, I use USAA and while my parents in another state get their refund back on time every year, NC makes me wait. Thanks North Carolina.

whatelseisnew, Find a new insurance company. It's not like there is a monopoly on insurance, you can switch to someone else. It's call competition. Would you want the state to tell your boss that you don't deserve a raise, because you make enough already?
Click to view my profile JustAName
March 6, 2008 2:37 p.m.
Actually, it usually goes, they request 10% increase and end up agreeing to a 3% decrease.
TheBullCity
March 6, 2008 1:41 p.m.
skidkid - don't you think companies who collectively write a billion dollars worth of auto coverage in this state would have thought about that? The whole point is, if they asked for the 8 or 9 percent they expect to get, instead of letting the rate bureau "go to bat" for 13 percent, we could avoid millions of dollars in administrative costs. Can someone explain the benefit to the public of the cost of the additional layer of bureaucracy in the rate bureau? And, "keeping those guys in line"??? Who funded his reelection campaigns forever?
Click to view my profile Gork
March 6, 2008 1:12 p.m.
They really want 5 percent, but will request 13 percent and Long will grant a 10 percent increase.
Sidekick
March 6, 2008 1:08 p.m.
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