Settlement Pushes NC Auto Insurance Rates Up by 5% on Average
North Carolina drivers will see their auto insurance rates increase by an average of 5% this fall, following a settlement between state regulators and the insurance industry.
Insurance Commissioner Mike Causey announced the agreement Monday, saying it’s significantly lower than the 22.6% average rate hike initially requested in February by the North Carolina Rate Bureau, which represents insurers. According to WCCB, the bureau later revised its request to a 23% increase in March, according to the state Insurance Department.
The deal avoids a formal rate hearing that had been scheduled for Sept. 22, which would have evaluated the industry’s proposed rate hike. That hearing has now been canceled.
