N.C. Auto Rates Decrease 2.5 Percent

An agreement has been reached between the North Carolina Rate Bureau and the Department of Insurance in which Commissioner Jim Long ordered a 2.5 percent decrease in auto rates.

The approved rate level change for each coverage, relative to the Rate Bureau manual rate levels currently in force, indicate that under liability, bodily injury charges will increase 7.8 percent, including a 6.1 percent change for basic limits and a 1.6 percent increase for total limits. Property damage charges increased 2.1 percent, medical payments 2.7 percent, uninsured motorists, 3 percent, and underinsured motorists, 10.6 percent. This amounts to a liability total of 5.1 percent.

Comprehensive physical damage coverage dropped by 6.5 percent and collision coverage dropped 14.5 percent, for a physical damage total of minus 12 percent. This amounted to a minus 2.5 percent decrease in rates.

At the same time motorcycle liability rates dropped minus 6.5 percent.