The North Carolina Rate Bureau has formally filed its request for a 13.8% average hike across the state for auto insurance this year. The Bureau represents auto companies in the state.
The formal filing marks the first request for an increase the Bureau has filed with the Department of Insurance since 2009. Prior to the increases that year, rates were hiked in 2001 and 2002, which were eventually offset by decreases in 2003.
The said rate increase represents the highest allowable amount for insurance firms to charge their policyholders, according to online publication
HCPress.com.
As per state rules, the insurance department will review the proposed rate hike and it will be subject to negotiations if officials do not agree on a rate increase. If a settlement cannot be reached within 60 days,
hearings will be called to officially set the rate.
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