07Feb 2023 by Charles E. Price
The North Carolina Rate Bureau wants a 28% increase in auto insurance

The North Carolina Rate Bureau wants a 28% increase in auto insurance

INSURANCE
RALEIGH, NC (WTVD) -- Tired of paying soaring prices for groceries and gas? If the North Carolina Rate Bureau gets its way, you can add car insurance to the growing list of skyrocketing expenses.The Rate Bureau filed a request to increase the cost of auto policies by 28.4%, Insurance Commissioner Mike Causey announced Thursday.If the rate hike is approved, it will go into effect Oct. 1.The NC Rate Bureau represents auto insurance companies in the state. By law, the bureau must submit auto rate filings with the NC Department of Insurance every year by Feb. 1.ALSO SEE: 'Want to save on your car and home insurance? How one call could save you hundredsA release from the DOI did not specify why the auto insurance sector requested such a substantial hike.Car…
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05Feb 2023 by Charles E. Price
Insurance companies request a 28.4% rate increase for auto insurance in North Carolina

Insurance companies request a 28.4% rate increase for auto insurance in North Carolina

INSURANCE
Insurance companies want to raise drivers' rates for car insurance.The North Carolina Rate Bureau represents insurance companies in their dealings with state leaders. The bureau submitted a filing to the North Carolina Department of Insurance to increase prices on auto policies statewide by 28.4%, North Carolina Insurance Commissioner Mike Causey announced Thursday.Any change would become effective on Oct. 1.Causey is set to review the request to determine whether the requested increase is justified and to negotiate with the bureau rate.If the department does not agree with the requested increase, it can negotiate a settlement or call for a hearing.North Carolina law requires the bureau to submit auto rate filings with the department each year by Feb. 1.A Value Penguin study cited an S&P data report showing North Carolina's annual car…
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