New Jersey auto insurance rates moving north again


One of the latest reports based on the data from National Association of Insurance Commissioners states that the auto insurance premiums in New Jersey are on the rise again. Residents of this state have no option but to shell out more money annually to ensure they hold a valid auto insurance policy. Increase in the auto insurance premiums is something that the residents in their region are struggling with each year. With a valid auto insurance coverage a legal requirement, drivers have no choice but to pay the cost the insurance providers demand.

The information revealed by the NAIC recently has shown that the average premiums for the auto insurance policy in the state of New Jersey stood at $1,218 three years ago in 2009. However, the following year, in 2010, it had gone up to $1,276. This is the average cost that the drivers have to pay to be assured of a legally valid auto insurance policy and includes the liability coverage as well as the optional collision and comprehensive coverage. This is the type of auto insurance coverage that most of the insurance policy holders in this state carry.

At present, there are a little over four million motorists in New Jersey who hold a valid auto insurance policy. The latest data revealed by the NAIC shows that the drivers in New Jersey are paying almost as much as the drivers in Washington DC which currently holds the second spot in the list of states with expensive auto insurance coverage. It is touted that New Jersey may soon overtake Washington DC to occupy this spot. The data available with the NAIC shows that the average cost of auto insurance in Washington DC stands at $1,277. However, this is still lesser as compared to Louisiana which occupies the top spot in terms of expensive auto insurance with an average premium of $1,295.

The National Association of Insurance Commissions is a credible organisation that is formed by a group of insurance commissioners from all the 52 states. The data they collate based on their studies is considered to be credible and authoritative. The data over the last few years clearly suggests that the drivers in New Jersey are paying more each year to stay covered.