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Auto-insurance rates in N.C. ordered cut by 16.1 percent
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Published: September 12, 2008
Updated:
RALEIGH -- N.C. Insurance Commissioner Jim Long rejected yesterday an industry request for an almost 13 percent increase in auto rates and has ordered a reduction instead.
Long signed an order requiring a 16.1 percent reduction in private passenger-auto rates and an 11.7 percent reduction in motorcycle-liability rates. The reductions are effective Jan. 1.
The North Carolina Rate Bureau's request for a 12.9 percent increase was the subject of rate hearings in July and August.
Long said he decided that the requested increase "just wasn't warranted. It's the largest increase they've requested in almost 15 years. I was surprised by the request, especially since last year the bureau filed for no change."
During the hearings, the department's attorney argued that the market for auto insurance had not changed significantly since 2007.
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