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LONG AND AUTO INSURANCE INDUSTRY SETTLE; AUTO RATES TO FALL 6 PERCENT

 LONG AND AUTO INSURANCE INDUSTRY SETTLE;
 AUTO RATES TO FALL 6 PERCENT
 RALEIGH, N.C., Oct. 27 /PRNewswire/ -- Insurance Commissioner Jim Long today announced a settlement in the department's dispute with the auto insurance industry over insurance rates for private passenger vehicles. Under the terms of the settlement, rates will decrease by 6 percent, representing a rate rollback of approximately $100 million.
 Less than two weeks ago, Long rejected the industry's request to lower auto rates by an overall amount of 4.2 percent, instead calling hearings to determine if a larger decrease was warranted.
 "Though the industry was proposing an overall decrease in rates, some drivers would have seen their premiums increase," said Long. "Our analysis of the data indicated that this wasn't justified."
 Long explained that the rollback will affect drivers differently depending on what coverages they choose, where they live, what type of vehicle they drive and their driving record.
 Said Long: "Even with this rate rollback, I encourage consumers to shop around for the lowest auto insurance premiums. The industry is competitive and many insurers offer discounts that can mean significant savings to consumers.
 Long has consistently battled insurers over auto rates and in the past eight years has reduced what drivers pay for auto insurance by almost a half of a billion dollars. An additional $272 million in consumer refunds is pending in state courts.
 Though the tenth most populous state, North Carolina has the nation's tenth lowest auto insurance rates.
 -0- 10/27/92
 /CONTACT: Paul Mahoney, N.C. Department of Insurance, 919-733-5238/ CO: North Carolina Department of Insurance ST: North Carolina IN: INS AUT SU:


SB -- CH009 -- 5549 10/27/92 14:55 EST
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Publication:PR Newswire
Date:Oct 27, 1992
Words:281
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