"Trenton, NJ (AHN) - For the first times in decades auto insurance companies are competing for business and prices for coverage are declining in New Jersey. Car insurance ads can be found on billboards offering special deals as well as on radio and TV.
This comes as a drastic change for the state where car insurance "has been a long-running nightmare." It now places New Jersey in tune with auto insurance practices elsewhere in the country.
New Jersey has had a history of heavy regulation when it comes to car insurance. As a result, many insurance companies avoided doing business in the state. 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 told the New York Times, "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."
Insurance regulators say that more than 75 percent of drivers in New Jersey are paying less for car insurance and more cuts are projected in the future." by Jacob Cherian, All Headline News
Thursday, August 24, 2006
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