For Immediate Release: February 5, 2014
N.C. Auto Insurance Companies Ask for No Rate Change
RALEIGH -- Insurance Commissioner Wayne Goodwin today announced that the Department of Insurance has received the annual auto insurance rate filing from the North Carolina Rate Bureau. The Rate Bureau, which is not part of the Department of Insurance and represents the auto insurance companies writing business in the state, submitted a filing on Jan. 31 that requests no change in rates for private passenger car and motorcycle insurance policies for the coming year.
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 refunds totaling over $50 million to approximately one 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 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.
The current filing will be reviewed by Department of Insurance experts. Additionally, the Department of Insurance is reviewing the auto insurance territories, which is required to be done every 10 years under state law.