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Insurance Commissioner Mike Causey announced on Tuesday about North Carolina auto insurance rates increased on average by 4.5% yearly in both 2023 and 2024 as part of a settlement reached between insurance cos. and state regulators. N.C. ranked as the 6th lowest state in average annual auto insurance costs.
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North Carolina Auto Insurance Rates Increased by 4.5% In Both 2023 and 2024 [Photo: Undefined]
What Is The Reason For The Current Increase?
The North Carolina Rate Bureau requested an overall average statewide increase of 28.4% for private passenger auto rates and for motorcycle liability was 4.7% if it will be approved it would go into effect on October 1. They represented the insurance industry in North Carolina and are not a part of the Dept. of Insurance.
Causey administration signed the agreement that will provide for an average passenger auto rate increase of 4.5% in both 2023 and 2024 while the motorcycle liability will grow by 2.3% in the same year. But according to the settlement, there are no more additional increases in the year 2025, according to the source.
According to Insurance Commissioner Mike Causey, the current North Carolina auto insurance rate increases are connected to more accidents and fatalities due to excessive speeding and distracted driving in North Carolina. Their driving habits will give an impact on the rate increases. If it will continue in the future it is unlikely that the rate will decrease unless some of these trends will change.
