Amends GS 58-57-100 prohibiting automobile physical damage insurance from including: (1) coverage for the cost of repossession; (2) skip, confiscation, and conversion coverage (defined as insurance which provides coverage when a borrower has sold, traded, or disposed of the collateral, or the borrower and the collateral cannot be found); (3) coverage that requires a borrower's insurance deductible to be less than $250; or (4) coverage that is broader than the insurance coverages that meets the specified minimum insurance requirements. Specifies that this does not prohibit issuing a separate policy or endorsement providing these listed coverages, so long as the charges for those coverages is not passed along to the borrower.