N.J. auto insurance rates fall, still highest in U.S.
Wednesday, December 2nd, 2009
Auto insurance premiums in New Jersey are down for a third straight year.
Listen:
Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
The latest data are for 2007 and shows a 9.6% decline in automobile insurance premiums in the Garden State from the high of 2004.
Assembly Insurance Committee Chairman Gary Schaer says reforms approved six years ago have created a more competitive environment.
Schaer: By creating a level playing field, by encouraging companies to come in, we've seen a good decline in our rates. New Jersey unfortunately is still the highest of all states when it comes to rates but only by a little bit.
The average rate paid by New Jersey drivers is about $1100 dollars. State Insurance Department officials say more coverage in policies and the higher risk of driving in a densely populated state limit just how much auto insurance costs will fall.