Agreement rolls back N.C. auto insurance rates
Jul 15th, 2009 | By Hot News Reporter | Category: Insurance Today(News14) – North Carolina auto insurance rates will be rolled back to levels of about three years ago and frozen until 2011 under an agreement between the state insurance commissioner and the insurance industry.
State Insurance Commissioner Wayne Goodwin announced the rollback Wednesday and said the agreement includes $50 million in refunds for private passenger policies.Goodwin said some drivers will get refund checks next year.
The settlement with the North Carolina Rate Bureau eliminates the insurance industry’s 2008 rate increase of 9.4 percent and denies a request for an extra 1.4 percent increase this year.
Goodwin said the agreement caps auto insurance rates for the
period 2006 to 2011.
