Effective February 1, 2009, NJ is back to a potentially difficult enviroment. A few terms I'll define first. "Take all comers" is an enviroment where companies who write in NJ
|
|
LinkBack | Thread Tools | Display Modes |
03-10-2009, 01:23 PM | #1 (permalink) |
Base Member
Join Date: Feb 2009
Location: Zoo Jersey
Posts: 23
Drives: fx35
Rep Power: 16 |
New Rules for NJ Insurance
Effective February 1, 2009, NJ is back to a potentially difficult enviroment.
A few terms I'll define first. "Take all comers" is an enviroment where companies who write in NJ must accept all comers with 7 pts or less within 3 years. "Incidents" are any moving violation, chargeable accident or non-chargeable accident. Combined Ratio" combination of loss ratio and operating expense. New rules (which would apply to most here) - If you are one vehicle and have more than one incident within the past three years, you are ineligible for voluntary insurance. If you have more than one vehicle, then we will accept as many incidents as vehicles. For example, 2 vehicles and we will accept no more than two incidents within 3 years. 3 vehicles=3 incidents spread amongst all drivers! What has happened? Competition has brought lower rates. Lower rates means higher combined ratios if underwriting is not in check. So now companies will scramble to correct underwriting. What we are seeing is a higher occurance of companies non-renewing insureds from all companies. It has gotten very busy lately because of this. Should you have questions with your carrier or Allstate, post them here and either Chase or myself will respond.
__________________
06' G35 Coupe, 06' 350z Grand Touring, 09' Fx35 10' R10 (coming) NJ Allstate Agent, (B) 609-877-1105, (C) 856-607-6755 Coomer@allstate.com |
03-10-2009, 01:29 PM | #2 (permalink) |
Administrator
Join Date: Sep 2008
Location: NJ
Posts: 9,930
Drives: 09 370Z MB Sports M6
Rep Power: 10 |
Thanks for the info Rick!
__________________
The370Z Signature Pictures ll Want to rock our forum decals on your car? Then click here! ll How to Embed YouTube Videos In a Post STOP! (Hammertime) ll Become a Premium Member Click HERE ll F.A.Q. Are You a Nissan Dealer? Click Here to Become A "Supporting Dealer" and Start Listing Your 370Zs In Our Inventory Section My Monterey Blue Z ll My Exhaust --> My Intake --> G3 Nissan's Official Response Regarding Oil Temp Issue: CLICK HERE Need a Set of Cheap Winter wheels /Tires? Then Visit The Banner Link Below and Place Your Order. You'll Help Keep The370Z Alive. |
03-10-2009, 02:17 PM | #3 (permalink) |
Base Member
Join Date: Mar 2009
Location: Manalapan NJ
Posts: 98
Drives: Blk 07 Cobalt SS/SC
Rep Power: 188 |
what does this mean, you God forbid get into two accidents in a 3 year period and insurance will drop you?
__________________
God has given us two hands -- one to receive with, and the other to give with. We are not cisterns made for hoarding; we are channels made for sharing. |
03-10-2009, 03:05 PM | #4 (permalink) | |
Base Member
Join Date: Feb 2009
Location: Zoo Jersey
Posts: 23
Drives: fx35
Rep Power: 16 |
Quote:
Keep in mind that loss ratios will always dictate how erratic Insurance companies behave. Here in NJ we are now five years into a competitive enviroment where companies have sharpened their pencils to a degree that may have caused an overcompensation or imbalance. Companies now need to adjust to the consequences. They will start by denying coverage to those they feel are underwriting risks. We, as a group of enthusiasts, represent an overall good risk. Most here are early twenties to early thirties, college educated, on their way or in a career. Contrary to the vehicles you drive, you still (as a group) represent a responsible group with pretty good driving records and loss records. Time will tell how this plays out. In the short term, it will cause a little pain to some.
__________________
06' G35 Coupe, 06' 350z Grand Touring, 09' Fx35 10' R10 (coming) NJ Allstate Agent, (B) 609-877-1105, (C) 856-607-6755 Coomer@allstate.com |
|
Bookmarks |
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
NJ Insurance and beyond! | Theatrix | North East Region | 42 | 03-23-2015 05:50 PM |
Official Insurance Premium Discussion Thread | nogoodname | Nissan 370Z Pricing / Ordering Discussions | 421 | 04-07-2013 12:37 AM |
Forum Rules: Please Obay Our Forum Rules | AK370Z | Nissan 370Z Photos / Spyshots / Video / Media Gallery | 0 | 12-23-2008 03:48 AM |