NC Rate Bureau Wants 23% Hike in Auto Insurance Rates

The North Carolina Rate Bureau, basing its filing on input from insurers in the state, has requested a 22.6% average increase in auto insurance rates, starting Oct. 1.

The state insurance commissioner will have input and, if previous rate changes are any indication, he will likely negotiate with Rate Bureau and land on a significantly smaller increase. Last year, the bureau requested a 42.2% average increase in homeowners’ insurance rates, for example, but Commissioner Mike Causey said he had negotiated a final rate increase of 15% for 2026.

If a settlement on auto rates does not appear likely, a public hearing may be scheduled.

The rate request comes five months before new minimum automobile liability coverage requirements kick in July 1. The 50/100/50 requirements, among the highest minimums in the country, are expected to raise motorists’ premiums by about $50 a year, on average.

Topics
Auto
Pricing Trends
North Carolina