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North Carolina drivers expecting auto insurance rebatePosted On Mon, August 10, 2009
North Carolina drivers are getting an unexpected break on their auto insurance premiums with help from state officials.
A report in the Charlotte Observer says that about 1 million state residents will be splitting about $50 million in refunds now that state auto insurance rates have been rolled back to their 2006 prices for the next two years.
According to the newspaper, insurance companies in the state had initially been allowed to increase premiums by 9.4 percent since January while an appeal of lower rates made its way through the legal system. Instead, insurers ended up facing a 0.5 percent rate decrease.
Due to the decision, consumers who paid the higher insurance premiums will reportedly see refund checks next year.
This may be uncommon luck for many drivers, but there are still ways to save money on auto insurance. For example, drivers can often eliminate collision coverage on their older cars and raise their deductibles to bring down premium prices.
Another good strategy is to simply focus on safe driving, even taking a driver safety course where available. Depending on insurer, drivers can get discounts on policies if they take a course, while those who are ticketed or arrested for traffic violations often end up paying higher prices for as long as seven years.
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