Photo by Boyd Loving
N.J. car insurance rates, already the nation’s highest, on the rise
Sunday, April 28, 2013 Last updated: BY RICHARD NEWMAN
STAFF WRITER
The Record
Northjersey.com : News
N.J. car insurance rates, already the nation’s highest, on the rise
Sunday, April 28, 2013 Last updated: Sunday April 28, 2013, 10:39 AM
BY RICHARD NEWMAN
STAFF WRITER
The Record
Vehicles damaged by superstorm Sandy, such as this car in Moonachie, are not the reason regulators have approved rate increases for 26 New Jersey insurance companies so far this year.
Auto insurers are raising rates in New Jersey this year, in some cases by double digits, unwelcome news for motorists in the nation’s highest-priced market.This time, motorists might be willing to cut the insurance companies some slack in light of the hundreds of millions of dollars they paid to policyholders whose sedans and SUVs were wrecked by superstorm Sandy in October.
However, insurers and the state regulator say Sandy is not the reason the state has approved rate increases for 26 insurers so far this year. The rate hikes are driven by factors such as losses related to Tropical Storm Irene and the Halloween nor’easter from two years ago, medical costs that are trending higher, reinsurance expenses and lackluster forecasts of investment income, industry experts say.
https://www.northjersey.com/news/205053701_Driven_up_and_up.html
