NJ Auto Insurance Rates to Rise
Some things never change. As we begin the new year, drivers in New Jersey are once again facing an increase in the cost of car insurance premiums.
We certainly feel the pain of the high cost of auto insurance in New Jersey. You might be surprised to know that, while our rates are high, it could be worse. Michigan is the state with the highest annual cost for minimum coverage auto insurance at $1450.
In fact, the cost for minimum insurance coverage in Florida is $1286 annually, which is also more expensive than the Garden State.
At $1119.00 annually for minimum coverage, New Jersey is ranked number 3. Surprising to note that the cost for minimum coverage in New Jersey is more expensive than New York.
The New Jersey legislature passed a law in last August that will raise the minimum liability coverage New Jersey drivers must have.
According to Bankrate.com, this will mean an annual increase of $99 to $200 for between 1.1 and 1.2 million drivers in New Jersey. The increases will come this year and in 2026.
The cities in New Jersey with the highest premiums are Irvington and Newark, while Seagirt in Monmouth County has the lowest rates.
This is the first increase in liability coverage requirements since 1972. The state says this increase is needed in order to keep up with the rising costs of accident settlements. The increase will take place this year, and again in 2026. Many experts agree the increase this year is necessary, though there are questions about the necessity for the second increase.
Minimum liability insurance coverage is in place to protect drivers, financially if you are involved in an accident.
According to National Highway Traffic Safety Administration, the first 9 months of 2022 saw a 10% spike in the number of deaths on New Jersey roadways. Nearly 30% of these fatalities involve alcohol.
- More than one million drivers in New Jersey affected by new car insurance laws (msn.com)
- Average Cost of Car Insurance in New Jersey in 2022 | Bankrate
Here Are 10 Tips For Driving in New Jersey - From NJ Drivers
The pointless plastic bag ban saga continues
6 Motorcycle Dealerships to Check Out around Ocean County, NJ