Little assess relief found in the first years of reforms auto
One year after the New Jersey auto insurance changes meant adopt regulations to reduce prices, people in the state was still paying through the nose, according to the latest survey by the National Association of Insurance Commissioners.
In the report, the driver of New Jersey had the highest auto insurance change of the Nation in 2004 - 16 Times in 18 years, in which the Garden State had the dubious distinction.
The high prices have one year after the amendments to markets previously touted-gov. James E. McGreevey, argued that the regulations would be at least an easing of the burden of the State of inhabitants portfolio.
Average premiums in New Jersey, $ 1221 per vehicle per year, 46 percent were higher than the national average of $ 838 for the year 2004, according to the survey.
Still, public banks and Insurance Commissioner Steven M. Goldman noted that premiums were only 2.3 per cent higher than the previous year, about two-thirds less than 6 per cent increase in premiums in 2003.
Given that the regulation changes, insurance-Carrier also enter the market, Goldman told The Star-Ledger of Newark for Saturday newspapers.
“Today, auto insurance Carrier are seven new entries on the market, making competition and positioning pressure on prices while increasing availability,”he said.
Behind New Jersey was in the investigation of Washington, DC, with drivers paying an average $ 1185 per year, and New York, which has averaged $ 1172.
The lowest rates were North Dakota, where the average $ 562, and Iowa, where he had $ 580.
Before changes in public insurance regulations, the problem for the pilot of New Jersey was not only high, but the lack of insurance record with many companies refuse to its operations in the state because it costs too money.
Changes during the year 2003, it is easier for insurers to increase consultation and maturity, the rules that insurers, said a high cost for business activity in the state.
Since then, large companies such as Geico and Progressive state seized, and other companies such as State Farm and Allstate decided to stay. New businesses have also opened.
With regard to ensuring the persistence of high prices, an industry representative, said the survey does not include New Jersey’s special geography and demography.
New Jersey is densely populated, inserted between two major cities, Philadelphia and New York, he is rich and the population, “said Magdalena Padilla, president of the Insurance Council of New Jersey, the company, the State 89 per cent of pilots.
“You spend very beautiful and expensive cars and I assure you, in a way that is not cheap,’’said Padilla of New Jersey’s drivers.
Padilla, though, said customers, the shop are capable of falling rates around.
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