If you live in North Carolina, you might want to listen up. In case you haven’t already heard it, I’ve got some great news from a local Charlotte news station you’ll most likely want to hear.

No, the state didn’t lower your income tax rates (wouldn’t that be nice about this time of year?). But it’s doing the next best thing–lowering your car insurance rates.

According to the Associated Press, as picked up by Charlotte News 14, Insurance Commissioner Jim Long announced on Tuesday that beginning November 15, North Carolinians will experience a 2.9 percent drop in their auto insurance rates.

What precipitated the sudden change?

Every year in February, the North Carolina Rate Bureau, which represents the 170 companies selling auto insurance in the state, proposes auto insurance rates for that particular year. The state department of insurance reviews the rates requested and negotiates a fair price on behalf of consumers.

This year, instead of granting the requested 7.4 percent rate increase, state insurance representatives instituted a 2.9 percent decrease.

But wait…this isn’t the only decrease in auto insurance the state will institute this year. In May, an initial 2.5 percent decrease goes into effect, putting even more money back in the pockets of N.C. residents.

Apparently, the cost of auto insurance is on its way down in North Carolina. If you live and drive there, I recommend you don’t ask why. Just whisper a “thanks”–and pocket the surplus!

Get the whole scoop from the N.C. Department of Insurance here.