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NC auto insurance rates may increase

READ MORE: NC auto insurance rates may increase
State officials and insurance leaders met in Raleigh to decide what the new rate should be. The auto insurance industry wants car insurance rates to go up by 13 percent. Auto insurers opened their case today in Raleigh before a hearing at the State Department of Insurance. The state insurance experts argue there have not been any significant changes in the industry to warrant an increase. In fact, DOI wants to lower the rate by 20 percent. Right now North Carolina has the sixth lowest insurance rate in the country. The average person pays around $600 a year for auto insurance. New York and New Jersey have the highest rates, people there pay around $1100 per year. If the 13 percent increase is approved, a person paying $600 right now could pay an extra $78. If the 20 percent decrease is approved, a person could expect to pay around a $100 less. Over the next six weeks, both sides will present their views to state insurance commissioner Jim Long. By fall, commissioner Long will make a final decision. Once commissioner Long makes his decision on what the rate should be, if any, we could see a change by the end of the year.

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