The North Carolina Rate Bureau has chosen not to request a rate increase for 2014 on private passenger car and motorcycle insurance policies...
Feb. 06--The N.C. Rate Bureau has chosen not to request a rate increase for 2014 on private passenger car and motorcycle insurance policies, the N.C. Insurance Department said Wednesday.
The bureau is an independent group representing insurers writing policies in North Carolina.
The rates remaining in effect are the result of a 2009 settlement signed by the state's insurance commissioner, Wayne Goodwin, which lowered car insurance rates to just below 2006 levels.
The bureau had requested a 1.4 percent increase in 2009, following a decision by the insurance commissioner to reduce rates in 2008. Insurers had to refund $50 million in revenue that was collected while the 2008 rate decrease was being appealed.
"The fact that today's car insurance rates are no higher than they were in 2006 shows that North Carolina continues to have a strong and stable auto insurance market," Goodwin said. "In North Carolina, we have more than 150 active auto insurance companies competing for our consumers' business."
According to the National Association of Insurance Commissioners, North Carolina has the sixth-lowest average auto insurance costs in the nation.
The current filing will be reviewed by state insurance officials. Additionally, the department is reviewing the auto insurance territories, which is required to be done every 10 years under state law.
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