Car insurance rates expected to rise in North Carolina
WILMINGTON, N.C. (WECT) - The price of car insurance is going up in North Carolina, officials shared the reason why and how drivers can save money.
Mike Causey is the commissioner of Insurance in North Carolina. He says in February the North Carolina Rate Bureau requested to raise the price of auto insurance by 28%. He said the request was based on rising costs and more distracted driving.
“Mainly the way people drive. And inflation, inflation is hurting everybody, you see inflation causing all prices to go up,” said Causey.
Inflation paired with more accidents that are totaling cars, is costing insurance companies more money.
“We have more people speeding than ever before. And if you’re on the highways, on any given day nobody’s following the speed limit, if the speed limit is 65 traffic’s moving at 80 miles an hour,” said Causey.
Eventually, the bureau and commissioner’s office agreed to raise rates by 9% over the next two years. Drivers will see a 4.5% percent increase this year, and another 4.5% increase in 2024.
“The number one factor that is putting the most pressure on our automobile insurance rates, is distracted driving, using the cell phone, texting and driving, and we see it every day,” said Causey.
However, Causey did give ways for drivers to save money. He said drivers can shop around and find the best policies that work for them.
Jason Carter, associate agent at Don Bullard Insurance said it is important for drivers to be well educated on their policies.
“Important things to know is what coverages you have currently. You need to be aware of your deductibles. Is the mileage written correctly for you annually? Are you taking advantage of all the discounts?”
Discounts are also sometimes provided through apps offered by insurance companies. Like a Snapshot from Progressive and Drivewise with Allstate.
However, driving apps do come with limitations. Downloading the app means your speed and how often you are driving.
Carter said the number one way to save money is to simply pay attention on the road.
“Don’t text and drive be safe, right? So your future rates depend on the experiences that you have now, so make sure that you’re paying attention, you’re paying attention to the safety rules on the road that’ll help you,” said Carter.
Helping you protect other drivers and your wallet.
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