North Carolina Looking at Lower Rates

With so many auto insurance companies looking to raise rates in their various states, it is nice to see one that it actually looking to reduce theirs. Drivers in North Carolina are not only going to see a reduction in their rates for auto insurance, but they are also going to see refunds in the amount of money that they have already paid.
 
State Insurance Commissioner Wayne Goodwin said that some drivers will be receiving refund checks for a portion of the amount that they paid into their auto insurance policies. Those checks would be going out in the middle of next year and will total more than $50 million in refunds. The auto insurance company has reached an agreement with the state to offer the refunds as well as roll back their pricing.
 
The auto insurance company is going to put their private auto insurance rates back to 2006 levels and are going to freeze them there for two years. The rate change will go into effect on November 1st and are retroactive back to January 1st. This settlement between the state and the auto insurance industry is going to eliminate their request as well for a 9.4% increase in auto insurance rates.
 
They say that in this economy the auto insurance companies will need to be looking at how they can save consumers money not take more of it. They say that they are aware that consumers are driving less because they cannot afford auto insurance and gas, and therefore the rates should be reflecting that instead of continuing to rise.  This agreement will cap auto insurance rates for 2006 to 2011, at which point the auto insurance bureau can file for another increase.

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