CHARLOTTE, N.C. — North Carolina’s auto insurance companies are asking for a significant increase in rates. They want to raise the average cost of car insurance by 22.6% across the state.
This request was made Monday by the North Carolina Rate Bureau, which represents these companies.
The proposed rate hike is set to take effect on Oct. 1, but it first needs approval from the state’s Department of Insurance. Commissioner of Insurance Mike Causey has 60 days to review the request and decide if the increase is justified. If he disagrees, he can negotiate a different rate or call for a hearing to settle the matter.
This isn’t the first time insurance companies have asked for a big increase. In February 2023, they requested a 28.4% hike, but it was settled at a much lower rate of 4.5% per year for two years.
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