Settlement will save drivers $1.6 billion over the next two years.
Insurance Commissioner Mike Causey announced a settlement with the N.C. Rate Bureau on automobile insurance rates. The settlement is about two-thirds less than the insurance companies had requested.
Mike Causey
On February 1 the Rate Bureau requested an overall average statewide increase in of 28.4 % for private passenger auto rates and 4.7% for motorcycle liability. The settlement provides an average statewide auto rate increase of 4.5% in 2023 and another 4.5% in 2024. The settlement also includes motorcycle liability increases of 2.3% in 2023 and 2.3% in 2024.
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