North Carolina Insurance Commissioner Wayne Goodwin has announced that drivers within the state will not see a rise of insurance rates in 2012. Goodwin explained that the North Carolina Rate Bureau’s annual auto insurance rate filing did not request a rate hike.
Representing insurance companies within North Carolina, the Rate Bureau requested a rate review rather than an increase (or decrease) in rates for car and motorcycle coverage. Residents of the state have had a lengthy period of stable rates with there not being an insurance commissioner-approved increase in auto insurance rates in more than 15 years. In fact, three years ago, Goodwin ordered a rate cut and $50 million worth of refunds to go to drivers who the department said had been overcharged.
Talking about the rate review process within his state, Goodwin said, “The process by which we determine rates in North Carolina has helped keep our average auto insurance rates among the very lowest in the nation. I am proud that we have a system in place that protects drivers from excessive rates.”
This is good news for anyone who needs an auto loan in NC, as interest rates are also at historic lows.