Current:Home > Contact-usInsurance settlement means average North Carolina auto rates going up by 4.5% annually-InfoLens
Insurance settlement means average North Carolina auto rates going up by 4.5% annually
View Date:2024-12-23 16:29:14
RALEIGH, N.C. (AP) — North Carolina’s automobile insurance rates will grow on average by 4.5% annually both later this year and next as part of a settlement reached between insurance companies and state regulators.
Insurance Commissioner Mike Causey announced on Tuesday the agreement, which alleviates the need for a rate hearing later this year before Causey and potentially an extended legal fight.
The North Carolina Rate Bureau, which represents insurance companies, had requested an overall statewide increase of 28.4% for private passenger auto rates and a 4.7% increase for motorcycle liability.
The agreement signed by Causey’s office last week provides for an average private passenger automobile rate increase of 4.5% on new and renewed policies on or after Dec. 1, with another average 4.5% increase taking effect on Dec. 1, 2024. Motorcycle liability increases of 2.3% will take effect on the same dates.
Barring additional agreement, no additional increases can take place prior to Oct. 1, 2025, according to the settlement.
In a news release, Causey said North Carolina’s annual average private passenger rates have remained among the lowest in the nation. He said recent rate increases are connected to more accidents and fatalities, which can be attributed to excessive speeding and impaired and distracted driving.
The Rate Bureau must submit automobile rate filings with the department annually by Feb. 1.
veryGood! (84927)
Related
- Suspect arrested after deadly Tuskegee University homecoming shooting
- Pete Davidson and Chase Sui Wonders Enjoy an Eggs-Cellent Visit to Martha Stewart's Farm
- Climate change is making it harder to provide clean drinking water in farm country
- Biden to meet with King Charles on upcoming European trip
- Brittany Cartwright Defends Hooking Up With Jax Taylor's Friend Amid Their Divorce
- These researchers are trying to stop misinformation from derailing climate progress
- In a first, U.N. climate agreement could include the words 'coal' and 'fossil fuels'
- Madewell's Extra 30% Off Clearance Sale Has $20 Tops, $25 Skirts & More Spring Styles Starting at $12
- Diamond Sports Group can emerge out of bankruptcy after having reorganization plan approved
- Heather Graham Calls Out the Sexism During Her Hollywood Career
Ranking
- What’s the secret to growing strong, healthy nails?
- The U.K. considers its 1st new coal mine in decades even as it calls to phase out coal
- Kate Middleton, Prince William and Their 3 Kids Match in Blue for Easter Church Service
- Seville becomes the first major city in the world to categorize and name heat waves
- Louisiana man kills himself and his 1-year-old daughter after a pursuit
- Here's Why So Many of Your Favorite TV Shows Are Ending Early
- Britt Robertson Marries Paul Floyd in Star-Studded Ceremony
- Princeton University grad student who went missing in Iraq being held by militia group, Israeli officials say
Recommendation
-
Kennesaw State football coach Brian Bohannon steps down after 10 seasons amid first year in FBS
-
In a first, U.N. climate agreement could include the words 'coal' and 'fossil fuels'
-
Here's what world leaders agreed to — and what they didn't — at the U.N. climate summit
-
Climate activist Greta Thunberg charged with disobedience, Swedish officials say
-
2 striking teacher unions in Massachusetts face growing fines for refusing to return to classroom
-
Biden announces a plan in Glasgow to help poorer countries with climate change
-
Greenhouse gas levels reached record highs in 2020, even with pandemic lockdowns
-
Why Genevieve Padalecki Removed Her Breast Implants Nearly 2 Years After Surgery