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North Carolina Says No to High Auto Insurance Rates

The North Carolina State Insurance Commissioner said last week that he would not allow an increase in auto insurance rates. Jim Long rejected an auto insurance industry request to increase rates almost 13%. Instead, he has ordered them to reduce them.

He signed an order requiring a 16.1% reduction in private auto insurance and an 11.7% reduction in motorcycle auto insurance. Long says that he wants to see them reduced and that the reductions will go into effect January 1st.

The North Carolina Rate Bureau had requested the increase at their rate hearings over the summer and Long said that it just wasn’t warranted. He said that the rate increase was the largest increase in almost 15 years and he found it to be more than excessive.

The auto insurance bureau said that they have not been asking for changes and that they were overdue for an increase. They said that they felt the decrease was excessive and was not “the appropriate decision.” The board will meet next week to vote on Long’s decision.


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