State Orders Cuts in Insurance Rates
North Carolina Insurance Commissioner Jim Long has signed an order requiring a 16.1 percent reduction in private passenger auto rates and a 11.7 percent reduction in motorcycle liability rates, effective Jan. 1.
“After listening to testimony from both sides during the rate hearings in July and August, I found that the Rate Bureau’s request for a 12.9 percent increase just wasn’t warranted,” Long said. “It’s the largest increase they’ve requested in almost 15 years. I was surprised by the request, especially since last year the Bureau filed for no change.”