Thursday, August 31, 2006
Insurance Rates Going Down in New Jersey
How much do you think it would cost to insure one of these sporty new Celicas? Well if you happend to live in the Garden State of New Jersey you might give estimates higher than anywhere in the country but you would also be living in the past.
According to All Headline News, for the first time in decades auto insurance companies are competing for business and prices for coverage are declining in New Jersey. New Jersey has had a history of heavy regulation when it comes to car insurance however that began to change as authorities, concerned that existing insurers would leave, decided to allow for flexibility in terms of pricing and driver ratings.
John Tiene, a vice president at the New Jersey Skylands Insurance Company says “Lots of rate changes and new rating plans are starting to hit the market… They might have been approved in ‘04 and ‘05. But they’re just happening now.”
The New York Times reported that more than 75 percent of New Jersey’s drivers are now paying less for auto insurance and that further reductions are expected.
Bill Bushnell
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