North Carolina’s insurers are not seeking to raise rates for auto coverage this year
North Carolina drivers have received some good news from the state’s Department of Insurance. According to Insurance Commissioner Wayne Goodwin, the Department of Insurance has received no rate filing from the North Carolina Rate Bureau. This means that the state’s auto insurance companies have not sought to increase premiums this year. This may provide the state’s drivers with some relief as they will not have to pay more for insurance coverage this year.
Past settlement with Department of Insurance cited as reason for stability of insurance costs throughout the state
According to the Department of Insurance, insurers may not be seeking rate increases because of a settlement signed by Insurance Commissioner Goodwin in 2009. The settlement reduced the average auto insurance premium throughout the state to what they had been before 2006. The settlement also delivered a total of $50 million in refunds to approximately 1 million drivers throughout the state. Since 2009, the state’s auto insurance premiums have remained stable thanks to this settlement.
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Commissioner Goodwin declares state insurance market to be stable and healthy
Insurance Commissioner Goodwin claims that this is a sign that the state’s insurance market is stable and healthy. Insurers are still making money and drivers are still receiving the coverage they need at a reasonable rate. According to the National Association of Insurance Commissioners, North Carolina is home to the sixth-lowest auto insurance costs in the country. The state currently has 150 active insurance companies offering coverage to drivers and businesses.
Past settlement may be enough to keep insurance rates stable for the foreseeable future
The North Carolina Department of Insurance is currently reviewing insurance territories throughout the state per state law. The agency is looking to determine whether new regulations should be put in place for the sake of drivers and insurance companies alike. Insurance costs in North Carolina are expected to remain stable throughout 2014, but insurers may seek to increase rates in 2015. The past insurance settlement may be enough to keep rates in place for the foreseeable future, however.