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Category Archives: New Jersey Insurance

New Jersey Car Insurance

All New Jersey drivers know the Auto insurance landscape in Garden State has drastically changed. Prior to 2009, New Jersey drivers were limited to very few choices when it cam to obtaining liability insurance for you car, truck or SUV. Because of the population areas in the northern part of the state and the coastal risks along its eastern border, insurance companies have very difficult time trying to post a positive underwriting profit. Further, the statutory limitation created by the New Jersey legislature in those days made it even more difficult to correct a carriers rate filing. Most people notice that all auto and homeowners insurance carriers have a different rate. The rates a carrier charges is based on an actuaries finite estimation of how many claims an insurance company will need to pay for in relation to the amount of insurance premium the carrier will collect from it’s customers annual and monthly. These actuaries are highly educated individuals and are very good at what they do. Under normal circumstances, a set of auto insurance or homeowners rates files with the New Jersey Department of Insurance will perform as planned. As I mentioned before New Jersey has 3 issues it must overcome.

Until January 1st 2009, most companies had a difficult time making a profit, because of the changes the New Jersey Department of Banking and Insurance put in place after that date – things have changed for the better. Regardless whether you are purchasing a new auto insurance policy or you are about to renew an existing policy; understanding the coverage required to meet the minimum coverage requirements of the state and what coverages you need to protect your assets are two very different things. And to choose the right coverage for your individual situation, you’ll need to consider a number of issues regarding not only the car you drive, but also when you drive, where you drive, and what additional and optional coverages you may need. Do you rent or own your own home? Do you have assets to protect? Will your own health insurance cover auto accident injuries? How much insurance coverage can you afford? If you have a bank loan on my car, do you need to carry Comprehensive and Collision? These are some of the questions you’ll need to discuss with a licensed insurance agent before making car insurance coverage choices.

In New Jersey:

  • All Insurance Agents, brokers and carriers must tell you about all the coverage options available when applying for a new auto insurance policy. In addition, as an auto insurance client, you have the right to ask the same information during the policy period.
  • You have the right to shop for auto insurance at any time during the policy period. If an agent states you can’t shop during the policy period, this in not the truth. Some Insurance agents may say this to hold on to you as an auto insurance customer. This is also true when your policy is up for renewal.
  • You have the right to change your coverages and policy limits at any time, even if you are not near your renewal date. If you select options that save you money, you have a right to a refund of your unused premium within 60 days.

New Jersey Counties

  • ATLANTIC, NJ
  • BERGEN, NJ
  • BURLINGTON, NJ
  • CAMDEN, NJ County
  • CAPE MAY, NJ
  • CUMBERLAND, NJ
  • ESSEX, NJ County
  • GLOUCESTER, NJ
  • HUDSON, NJ
  • HUNTERDON, NJ
  • MERCER, NJ
  • MIDDLESEX, NJ
  • MONMOUTH, NJ
  • MORRIS, NJ
  • OCEAN, NJ
  • PASSAIC, NJ
  • SALEM, NJ
  • SOMERSET, NJ
  • SUSSEX, NJ
  • UNION, NJ
  • WARREN, NJ

 

NJ Car Insurance PIP Rules Recently Changed

Post Date January 17, 2013 –  NJ Car Insurance customers state-wide will be seeing changes in the (PIP) Personal Injury Projection rules that govern their NJ Car insurance as the year 2013 begins.  As I published  in an earlier blog post, there have been many changes in car insurance rules through out the United States… Continue Reading

New Jersey Car Insurance PIP Law Is Here To Stay

Post Date January 9, 2012 – The Garden State has started implementing  a new car insurance regulations. New Jersey Car Insurance PIP, (Personal Injury Protection) went  into effect  on Friday, Jan. 4, 2013 after the state’s Superior Court denied a request for its stay.  The New Jersey Association of Ambulatory Surgery Centers had filed an… Continue Reading

NJ Insurance Claims And Public Adjusters – Where’s the Benefit?

Post Date January 8, 2012 – Disasters resulting in NJ Insurance Claims can strike anywhere and anytime.  Of course this is exactly what has happened with Super Storm Sandy which cost several states, including the State of New Jersey billions of dollars and hundreds of thousands people forced to endure property damage, destroyed homes and… Continue Reading

NJ Insurance Manager Admits To Impropriety

Post Date January 7, 2013 – New Jersey Attorney General announced a former manager from a New Jersey insurance brokerage Manger pleaded guilty to stealing millions of dollars from the NJ Insurance Insurance Agency he worked for.  The former NJ Insurance manager identified as Kelly L. Roetto admitted to nearly 4 million in customers insurance… Continue Reading

NJ Auto Insurance Claims Soar On Black Friday

Post Date November 27, 2012 –  Although Black Friday sounds like a very ominous and scary day, it also marks the start of the Christmas shopping season. It the day when most shoppers embark on a journey of taking advantage of promotional sales offered by every retailer. Black Friday is the one day of the year… Continue Reading

New Jersey Insurance Agent Bribes Mayor

Post Date November 26, 2012 –  John Bencivengo, Mayor of Hamilton Township, New Jersey was convicted on November 22,  2012 in connection with nearly$13,000 in bribes that he solicited in exchange for his influence for a New Jersey Insurance Agent.  The bribe was in connection to the townships group health insurance contract  with the Hamilton… Continue Reading

Hurricane Sandy Takes It’s Toll on Thousands Of Boats

Post Date November 19, 2012 – The United States Boat Owner’s Association announced last week more than 70,000 power boats, sail boats and jet ski’s were either damaged or sunk when Hurricane Sandy his the east coast two weeks ago. Hurricane Sandy and the winds it brought to New Jersey, New York and the other states… Continue Reading

Flood Damaged Cars Illegally Sold

Post Date November 12, 2012 –  Hurricane Sandy was the most devastating storm to hit the east coast in 60 years. Both Homeowners and Auto Insurance Carriers have been adjusting thousands of claims compensating those for Flood Damaged cars and homes.  Two states out of the 9 effected by the storm had the highest number of… Continue Reading

Hurricane Insurance Deductible Waived For Homeowners

Post Date November 11, 2012 – Hurricane Sandy was the most destructive weather event in the northeast over the last 60 years.  The death and destruction from Sandy will be felt for decades.  Law makers in the effected eight states and the District of Columbia recently announced a temporary change in Homeowners Insurance Rules to help… Continue Reading