Agreement Puts Brakes On Auto Insurance Rates

If you have auto insurance in North Carolina you'll soon be getting a break.

Insurance Commissioner Wayne Goodwin says private passenger auto insurance rates will roll back to 2006 levels, that's thanks to an agreement announced today with the North Carolina Rate Bureau.

Goodwin says the settlement does away with a 9.4% hike in 2008 and a proposed 1.4% increase for 2009. Changes will take effect November 1st and are retroactive January 1st.

"Drivers will not only see lower rates, but many will also receive refund checks beginning in mid-2010 that may together total more than $50 million. In this economy, every dollar counts, and I am committed to protecting consumers through fair ratemaking."

The agreement also locks in the maximum allowable auto rates until October 1, 2011.

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  • by Robert Location: grimesland NC on Jul 19, 2009 at 09:02 AM
    Give the man a break, he might be an honest employee !!!!!!!
  • by redistribute Location: nc proper on Jul 16, 2009 at 06:44 AM
    Further redistribution of wealth...homeowners pay a lot more and auto ins policies go down. Even people in the projects are required to have auto ins. Other than the cost of a car with rims, auto ins. is probably their biggest expense.Food, medicine, housing, utilities are already free, why not make it a clean sweep and give auto ins. away too?
  • by Will Location: Greenville on Jul 15, 2009 at 01:39 PM
    If the gov't left insurance alone, they'r run all over us with prices. Look at health insurance costs.
  • by Tyrone Location: Greenville on Jul 15, 2009 at 01:25 PM
    The check is in the mail. Trust me!
  • by S Location: ENC on Jul 15, 2009 at 12:21 PM
    Typical politician....give you a little change on one hand with auto insurance, but take a chunk of dollars away from you on the other hand with homeowners....they only want you to think they're helping you...they are actually only helping themselves & lining their own pockets...and anyone who thinks differently has never been around politics..
  • by mk Location: chocowinity on Jul 15, 2009 at 11:06 AM
    OK, what is the catch???
  • by Mike Location: Washington on Jul 15, 2009 at 10:21 AM
    That's great and all, but the government has no business regulating insurance anyway. That's why the whole industry in NC is so screwed up.
  • by MadMax Location: Tarboro on Jul 15, 2009 at 09:38 AM
    wow, thank you Mr. Goodwin, James Long would be proud
  • by Anonymous on Jul 15, 2009 at 09:31 AM
    rebates will probably go to the politicians that voted to increas HO insurance for all.
  • by bc Location: washington, nc on Jul 15, 2009 at 08:38 AM
    Will these refunds come back to the individuals or go to the agency we paid our insurance to??
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