NC Auto and Homeowner Insurance Rates to Rise

North Carolina automobile insurance base rates will increase by an average of 5% effective October 1, following a settlement between state regulators and insurance companies that reduced a requested 23% hike. The change applies to both new and renewing policies and follows a state law that raised minimum liability and property damage coverage limits. Insurance Commissioner Mike Causey cited factors such as distracted driving, speeding, and escalating repair costs as contributing to the increase but noted that rates remain among the lowest in the country. The settlement also includes a 16.3% decrease in motorcycle liability insurance rates. Separately, homeowner insurance rates in North Carolina are also rising, raising concerns for residents on fixed incomes. These insurance rate hikes come as similar increases are reported internationally, with Ireland experiencing an 8.4% year-on-year jump in motor insurance premiums.