For Immediate Release: February 2, 2011
N.C. Auto Insurance Companies Ask for No Rate Change
Department of Insurance to Review Filing
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced that the Department has received the annual auto insurance rate filing from the North Carolina Rate Bureau. The Rate Bureau, which is separate from the Department of Insurance and represents the auto insurance companies writing business in the state, filed for a rate review indicating no change in rates for private passenger cars and motorcycle insurance policies for 2011.
"This represents another victory for North Carolina drivers," said Commissioner Goodwin. "We already pay the 8th lowest auto insurance rates in the country--and we have a higher population than any other state in the top ten for lowest rates. I remain committed to making sure that people aren't overcharged for their auto insurance needs."*
In 2009, Goodwin signed a settlement that denied the Rate Bureau's request for a 1.4 percent auto rate increase, did away with a 9.4 percent increase that had been implemented by the Rate Bureau the previous year, and ordered an additional .5% decrease on top of that. The settlement rolled rates back to just under 2006 levels, and approximately one million North Carolinians received refunds from the insurance companies totaling more than $50 million.
"The industry's zero-change filing this year further affirms that I was correct in my decision to settle the 2008-2009 filings on the terms we did, which allowed for a savings potential of $545 million over a three year period for drivers statewide," Goodwin added.
The current filing was received on Feb. 1 and will be reviewed by Department of Insurance staff members.
To view the auto rate filing, click on this link and use SERFF tracking number NCRI-127001210.
*According to a report from the National Association of Insurance Commissioners (NAIC)