North Carolina auto insurers are asking for a statewide average rate increase of nearly 23 percent in liability insurance rates for private, passenger vehicles. The North Carolina Rate Bureau – which represents insurance companies – made its request to the state insurance department Friday.
Under the Bureau’s new rate filing, rates for physical damage insurance would go down by an average 9.1 percent. Rates for motorcycle insurance would increase by 2.8 percent.
The insurance department will review the request and could negotiate different rates, or call for a hearing. The rate changes, if approved, would go into effect Oct. 1.
In 2017, the Rate Bureau requested an overall 13.8 percent auto insurance rate increase, which the insurance commissioner negotiated to a 2.2 percent increase.
