North Carolina Rate Bureau wants 28% increase in auto insurance

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Thursday, February 2, 2023
North Carolina Rate Bureau wants 28% increase in auto insurance
The North Carolina Rate Bureau has submitted a rate filing with the N.C. Department of Insurance, requesting a 28.4% increase for auto policies.

RALEIGH, N.C. (WTVD) -- Tired of paying soaring prices for groceries and gas? If the North Carolina Rate Bureau gets its way, you can add car insurance to the growing list of skyrocketing expenses.

The Rate Bureau filed a request to increase the cost of auto policies by 28.4%, Insurance Commissioner Mike Causey announced Thursday.

If the rate hike is approved, it would go into effect Oct. 1.

The N.C. Rate Bureau represents auto insurance companies in the state. By law, the bureau must submit auto rate filings with the N.C. Department of Insurance every year by Feb. 1.

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A release from the DOI did not specify why the auto insurance sector requested such a substantial hike.

Car insurance rates are expected to increase by 8.4% across the nation in 2023, the largest rate increase in six years.

Causey said he and his department staff will "thoroughly review the filing" and determine whether the requested increase is justified or not.

If the department rejects the bureau's request, it can negotiate a settlement or call for a hearing.

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