Report: Auto Insurance Rate Hikes on Tap
Insurance companies blame 2011's Tropical Storm Irene, Halloween nor'easter — not Sandy — for highest in nation auto rate increase.
New Jersey motorists, who currently pay among the highest rates for auto insurance now, are going to have to dig a bit deeper into their wallets to pay for increases in auto insurance, according to published report Sunday. Insurers and state regulators are saying Hurricane Sandy, which devastated portions of the state including the Jersey Shore, is not the reason for state approving rate increases for 26 insurers thus far in 2013, according to a NorthJersey.com report. Instead, officials blame the rate increases on losses related to Tropical Storm Irene and the Halloween nor’easter from two years ago, medical costs that continue to rise, reinsurance expenses and dim forecasts of investment income, the report said. Allstate, New Jersey …
Peggy Davison
1:17 pm on Thursday, May 2, 2013
Thanks for the link Chris! After reading the article, I too am confused as to why our rates are so high, and rising. It simply does not make any sense! more ›