N.C. Auto Insurance Rates To Fall 15 Percent

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NU Online News Service, April 4, 11:56 a.m.EST?The North Carolina Department of Insurance announced asettlement over auto insurance rates that it said could saveconsumers nearly $500 million in premiums.

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Jim Long, the state's insurance commissioner, said an agreementreached between the Insurance Department and the North CarolinaRate Bureau will mean a 15 percent rollback in auto insurance rateseffective July 1.

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NCRB, based in Raleigh, N.C., is an independent organizationthat represents the state's property-casualty insurers. The groupwas initially only willing to make a smaller, 10 percent cut inprivate passenger liability rates before agreeing to a settlementwith the insurance department.

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"After several years of telling the Bureau that they arecharging too much, I'm happy to see that they are beginning tolisten to me," said Mr. Long.

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"North Carolina drivers should not have to pay higher premiumsthan necessary, and the rate-making process can be long and drawnout. I am pleased that we were able to reach an agreement this yearso consumers can begin seeing savings soon."

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According to the department, the rollback savings for manyconsumers could amount to hundreds of dollars every year. Insuredswho pay around $1,200 for auto coverage, for example, would seepremiums come down to about $1,000 per year.

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