North Carolina Insurance Commissioner Mike Causey announced a settlement with the N.C. Rate Bureau that will increase automobile insurance rates by an average of 5% statewide, avoiding a scheduled hearing on the matter.
The settlement represents a significant reduction from the Rate Bureau’s original request filed in February for a 22.6% average increase, as reported by CollisionWeek. The agreement cuts the requested increase by 17.6 percentage points.
Under the settlement, motorcycle liability insurance rates will decrease by an average of 16.3% statewide. The Rate Bureau represents insurance companies that write automobile insurance policies in North Carolina and operates independently
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