N.J. AUTO INSURANCE COSTS HIGHEST IN COUNTRY
Tuesday, December 1, 2009
By Lisa Fleisher
New Jerseyans paid an average of $1,103.53 per vehicle in annual auto insurance premiums in 2007, making the Garden State once again the most expensive state in the country, though rates have been declining, according to a report out Tuesday from the National Association of Insurance Commissioners.
Residents in six states paid premiums over $1,000 a year, with New Jersey leading the pack, followed by Louisiana,New York, Florida, Rhode Island and Delaware. Residents of washington, D.C., paid the highest auto insurance rates in the nation, with an average bill of $1,139.82 in 2007, the most recent year represented in the survey.
Auto insurance rates have declined for three straight years, dropping 5.6 percent nationwide and 9.6 percent in New Jersey from highs in 2004.
In 2007, New Jersey drivers paid an average of nearly $50 less than the previous year's bill of $1,151.61 and about $120 less than 2004's bill of $1221.08, the report said.
The national average insurance bill is $794.98, down from $842 in 2004.
In 2003, the Legislature partially deregulated the insurance market by allowing companies more room to adjust prices and make higher profits. previously, companies had decided it just wasn't worht doing business in New Jersey. With limited choice, drivers had to pay high prices - while some couldn't get insurance at all.
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