North Carolina Approves 5% Average Auto Insurance Rate Increase for Fall 2024

North Carolina is set to implement a 5 percent average increase in automobile insurance rates statewide this fall following a regulatory agreement. This adjustment is a result of negotiations between the state insurance regulator and the insurance industry, significantly lower than the initially proposed rate hikes. Earlier in the year, the North Carolina Rate Bureau had requested an average increase exceeding 22 percent, which was later updated to 23 percent in a subsequent filing. The finalized rate change reflects regulatory oversight aiming to moderate insurance cost adjustments for private passenger vehicles in North Carolina.