For Immediate Release: February 2, 2012
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 2012.
There has not been an insurance commissioner-approved increase in auto insurance rates in North Carolina in more than 15 years. In 2009, Goodwin signed a settlement ordering a rate decrease and refunds totaling more than $50 million for North Carolina drivers who were overcharged by insurance companies.
"The process by which we determine rates in North Carolina has helped keep our average auto insurance rates among the very lowest in the nation," said Goodwin. "I am proud that we have a system in place that protects drivers from excessive rates."
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-128039378.