Auto insurance rates to see average 5% increase in October following Causey’s 19th statewide insurance settlement
- Corinne Saunders
- Jun 13
- 3 min read
Updated: Jun 14
North Carolina Insurance Commissioner Mike Causey speaks at the Virginia S. Tillett Community Center in Manteo on Monday, March 18, 2024. (Photo by Corinne Saunders)
By Corinne Saunders
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North Carolina automobile owners will see an average 5% auto insurance increase starting Oct. 1 following the settlement North Carolina Insurance Commissioner Mike Causey negotiated with the North Carolina Rate Bureau and announced on Monday.
“The increase will take effect on new and renewed policies on and after Oct. 1,” the North Carolina Department of Insurance (DOI) press release said.
The Rate Bureau in February filed a request on behalf of state automobile insurance companies for an average 22.6% insurance rate increase, according to the release.
The previously scheduled Sept. 22 public insurance rate hearing is now canceled, as the settlement agreement resolved the matter instead.
“With factors such as distracted driving, excessive speeding and increased automobile repair costs putting upward pressure on insurance rates, I am happy that we were able to hold the average increase to 5%,” Causey said in Monday’s press release. “I’m also glad that the agreement will keep North Carolina’s average automobile premiums among the lowest in the nation.”
The agreement also includes an average statewide 16.3% decrease in motorcycle liability insurance rates, according to the DOI release.
This marks Causey’s 19th settlement with the Rate Bureau—which represents all insurance companies in the state—since he took office in 2017.
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