Auto insurance rates won’t go up this year as average premiums stay steady since 2001 with most prices hovering near 2006 level. Even though the average overall rate for car insurance hasn’t increased since 2001, the industry couldn’t justify a request for higher premiums based on the latest claims data through 2009, said Ray Evans, general manager of the N.C. Rate Bureau. The bureau represents about 150 auto insurers that do business in the state.
“As far as costs go, auto insurance is a bargain,” said Evans. “It appears that drivers are being more careful.”
Insurance Commissioner Wayne Goodwin hailed the industry’s filing as “a significant victory for Tar Heel consumers and businesses.” Most recently, the industry sought a 12.9 percent hike in 2008 and a 1.4 percent increase in 2009. But the insurers ultimately cut a deal with Goodwin that rolled back rates by an average of 0.5 percent.
The industry’s no-change proposal isn’t the final word, however. Goodwin has 50 days to rule on the industry’s request. If Insurance Department staffers conclude that a decrease in rates is called for, the two sides would negotiate to try to reach a settlement. Failure to agree could lead to a hearing, presided over by Goodwin, who would issue a ruling after hearing evidence by both sides. That ruling could be appealed to the courts.
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