Motorists in Forsyth and Guilford counties would pay a higher annual automobile insurance premium rate than the statewide request made last week by the N.C. Rate Bureau. The N.C. Insurance Department announced Thursday the request has been submitted to Commissioner Mike Causey, with an effective date of Oct. 1.
The rate requests are made by territory and listed by ZIP codes. The statewide request is for a 28.4% hike. Some counties, such as Davidson and Guilford, are split into two or more territories.
A 29.6% increase is being requested for motorists in the 350 territory that consists primarily of Davie and Forsyth counties, along with the Forsyth portion in Colfax, High Point and King. The 350 territory also includes nine ZIP codes in Greensboro, as well as all of Jamestown, Summerfield and Oak Ridge.
Meanwhile, there is a 34.6% increase for the 340 territory that consists of 19 ZIP codes in Greensboro and six in High Point.
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The bureau is an independent group representing insurers writing policies in North Carolina. It typically asks for rate increases — some substantially higher in areas prone to damage from natural disasters, such as hurricanes, floods and winter storms. However, the insurance commissioner typically seldom agrees to a rate anywhere close to the bureau’s full request.
Other proposed rate increases affected the 14-county Triad and Northwest N.C. are:
27.6% increase for the 320 territory that consists of communities in Alamance, Davidson, Guilford, Randolph, Rockingham, Stokes, Surry, Wilkes and Yadkin counties.
- 31% increase for the 360 territory that includes Lexington, Thomasville, Wallburg and Welcome.
- 27.6% increase for the 370 territory that includes Linwood.
- 27.1% increase for the 480 territory that includes Alleghany, Ashe and Watauga counties.
It is the bureau’s first auto insurance premium rate increase request for private passenger motorists since Causey approved in March 2019 an average 1.6% increase that began on Oct. 1, 2019. As part of that agreement, the bureau agreed to not make another hike request until at least 2021. By law, the bureau must submit auto rate filings with the department every year by Feb. 1.
“Commissioner Causey and department staff will thoroughly review the filing and determine whether the requested increase is justified or not based on the data submitted,” the department said in its news release. “If the department does not agree with the requested increase, it can negotiate a settlement or call for a hearing.”
336-727-7376, @rcraverWSJ
