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Major auto insurance rate hike proposed
Can you afford a major increase in your auto insurance rates? AARP advocates have successfully weighed in and helped push back on prior insurance rate hike requests. With insurers calling for a 22.6 percent increase this year, AARP can help you make your voices heard.
AARP North Carolina Director Michael Olender sent this letter to Insurance Commissioner Michael Causey last week. Commissioner Causey has helped reduce the size of increases in previous insurance rate hike requests.
February 7, 2025
Commissioner Michael Causey
NC Department of Insurance
1201 Mail Service Center
Raleigh, NC 27699-1201
Dear Commissioner Causey,
AARP is deeply concerned about the recent 22.6 percent auto policy insurance rate
hike request filed by the NC Rate Bureau.
Older adults already feel both outrage and anxiety with today’s economic conditions
including inflation seen in rising health care costs, prescription drug costs, food prices
and other necessities of day-to-day living. Personal transportation is a necessity for
many 50+ North Carolinians and the last thing many can handle right now is a large rate
increase on their auto policy insurance.
Too many residents in North Carolina are in desperate shape with little to no emergency
and retirement savings. In November of 2024, CNBC reported nearly half of Americans
are living paycheck to paycheck.
In addition, close to 40 percent of North Carolinians ages 65 and over rely on Social
Security as their only source of income.
We fully expect to hear from thousands of AARP members about their inability to
shoulder a 22.6 percent auto policy insurance increase in 2025. Their concerns should
be heard and considered.
Our intention is either to share those comments and concerns with the NC Departmentof Insurance through a formal process, or to connect them directly with you through email or petition signatures.
In summary, the economic conditions we are experiencing make this proposal a danger
to the well-being of North Carolinians and we hope we can avoid a rate hike of this
magnitude. Therefore, we urge you to reconsider the proposal to increase the auto
policy insurance rate.
Sincerely,
Michael Olender
State Director, AARP North Carolina
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