Agreement puts brakes on insurance rates

July 15, 2009 9:04:34 AM PDT
An agreement between the state insurance commissioner and the insurance industry will roll back auto insurance rates and freeze them until 2011.Rates will return to what they were in 2006.

According to rankings from a report by the National Association of Insurance Commissioners, North Carolina was number five in a list of states with the lowest auto insurance rates.

The data that determined that ranking was compared the cost of personal automobile insurance in all 50 states and the District of Columbia.

Click here to read more about the data from 2006

State Insurance Commissioner Wayne Goodwin said the rollback agreement includes $50 million in refunds for private passenger policies. Some drivers will get refund checks next year.

The settlement with the North Carolina Rate Bureau eliminates the insurance industry's 2008 rate increase of 9.4 percent and denies a request for an extra 1.4 percent increase this year.

Goodwin said the agreement caps auto insurance rates for the period 2006 to 2011.


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