RALEIGH – North Carolina insurance companies have requested a statewide average 22.6% increase in automobile insurance rates.
The North Carolina Rate Bureau, which represents the automobile insurance companies in the state and is not a part of the Department of Insurance, filed the request with the Department on Monday. The insurance companies requested that the rates take effect on Oct. 1.
State law gives the Commissioner of Insurance 60 days to review the rate request to determine if the increase is justified based on the data submitted. If Insurance Commissioner Mike Causey does not agree with the requested increase, he and the Department of Insurance can negotiate a settlement or call for a hearing.
Settlements have been reached on automobile rate filings in the past. If the case goes to a hearing, a hearing officer would make a ruling on the request.
This rate filing follows a February 2023 filing in which the insurance companies requested a statewide 28.4% increase. That filing resulted in a settlement of an overall average 4.5% increase per year for two years.
another increase???? home owners insurance increase, power increase, keep on with it, u r going to price everyone out of cars, homes, even power! seniors dont drive that much, we dont even drive 10,000 mile a year, but our rates go up! we have solar, but our power bill increased (explain that one), homeowners insurance increased again, forced to have homeowners insurance but penalized if you used it ! water/sewage bill up again, only 2 of us at home now! cut those BIG salaries, CEO ‘s vacations, before u hit the public with increases. time we go way back in the past when we had none of this. at least they did survive.
Or maybe stop voting for (and re-electing) the same insurance commissioner again and again! Everyone who re-elected Causey needs to take responsibility! #VoteOutIncumbents
I agree with you 100% and I did not vote for this POS but what in the world now. When does this madness stop?
Causey is not the problem. The problem lies with NC drivers. Take a look at Police Check Point stats which show an inordinate number of drivers without a valid license, no insurance, drunk or on drugs and so much more. Most of these are the causes for our accident rate with translates directly to our insurance rates.
It’s our patriotic duty to pay more.
This is ridiculous….How the heck do these folks see the increase is sufficient. We are barely making it and want more and more?!? You can fix a lot of things but you can’t fix stupid!!!
Oh my goodness Not another increase!! I am the only income in my house, and I can’t afford what I am paying now. Why can’t they think about people like us that are struggling. Why is always about the mighty dollar. I hope and pray this is denied.
@Struggling Because it’s the American way in business, they don’t care about YOU the customer they only care about the Dollar and pleasing the Almighty Stock Holder. You’re just the means to the Dollar that appeases the Stock Holder. Take Ford for example they only sell one car(the Mustang) the only other choices you have are over priced pickup trucks and SUV’s that they imply you need, they limit your choices to the most highly profitable vehicles they sell. More profit appeases the Stock Holder. This is the way free enterprise works.
This is the typical insurance is company game that plays out every cycle. Insurance companies ask for 500% more than they need and then see what sticks. That’s why we have an insurance commissioner to help determine what that rate increase really needs to be. Like last year, insurance companies asked for a 40% increase in home owners policies and when all was said and done, some counties and a 0% increase and some had a 20% increase not the 40% asked for. I would think that the auto increase will average around 5%. There’s plenty you can do to reduce to reduce your auto insurance, shop around, raise your deductible, delete coverages you don’t need (vanishing deductible) because all you’re doing with that is paying your deductible up front. If you have health insurance, do you really need medical payments? All types of insurance are a personal comfort zone. You have to decide what you’re comfortable living with and without.
Pure greed plain and simple ! Just like others in corporate America artificially raise prices because the public will pay for it because they are forced to.
Mike Causey is a POS who does not deserve his elected position. His hearings are no longer public (the only commissioner to do this), and even if he negotiates a lower rate, it doesn’t mean anything. When Safeco increased my rates by 26%, they simply sent a notice saying their rate increases are above what was negotiated. Keep in mind that since he’s had his position, we’ve only had massive rate increases year over year. Mike Causey behaved so poorly and was misusing government funds so blatantly that he was removed as the state fire commissioner. His campaign platform was “make me fire commissioner again, and oh yeah rates are too high I guess”. Voters clearly take a backseat to this loser’s ego. Don’t vote this guy in again, we failed ourselves when we re-elected him.
Mike Causey is a POS who does not deserve his elected position. His hearings are no longer public, and even if he negotiates a lower rate, it doesn’t mean anything. When Safeco increased my rates by 26%, they simply sent a notice saying their rate increases are above what was negotiated. Insurance rates have only increased since he took office. Mike Causey behaved so poorly and was misusing government funds so blatantly that he was removed as the state fire commissioner. His campaign platform was “make me fire commissioner again, and oh yeah rates are too high I guess”. Voters clearly take a backseat to this loser’s ego. Don’t vote this guy in again, we failed ourselves when we re-elected him.
Most of JoCo see’s and “R” next to a name on a ballot and marks the circle, having no idea who the are voting for.
So blame yourself for Causey and no one else.