Insurance settlement means average North Carolina auto rates going up by 4.5% annually

North Carolina's automobile insurance rates will grow on average by 4.5% annually both later this year and next as part of a settlement. RALEIGH, N.C. (AP) -- North Carolina's automobile insurance rates will grow on average by 4.5% annually both later this year and next as part of a settlement reached between insurance companies and state regulators. The North Carolina Rate Bureau, which represents insurance companies, had requested an overall statewide increase of 28.4% for private passenger auto rates and a 4.7% increase for motorcycle liability. In a news release, Causey said North Carolina's annual average private passenger rates have remained among the lowest in the nation. The Rate Bureau must submit automobile rate filings with the department annually by Feb. 1.