Nissan 370Z Forum  

Again....Changes to NJ Insurance!

I'm giving this a seperate thread because its that important to NJ drivers. An update on the current state of affairs with the Insurance Industry in NJ! There is a

Go Back   Nissan 370Z Forum > Regions > United States > North East Region


Reply
 
LinkBack Thread Tools Display Modes
Old 06-19-2009, 02:02 PM   #1 (permalink)
Base Member
 
Theatrix's Avatar
 
Join Date: Feb 2009
Location: Zoo Jersey
Posts: 23
Drives: fx35
Rep Power: 16
Theatrix is on a distinguished road
Default Again....Changes to NJ Insurance!

I'm giving this a seperate thread because its that important to NJ drivers.

An update on the current state of affairs with the Insurance Industry in NJ!

There is a further tightening that is now here for most Industry players in NJ. Several factors have caused companies across the board to file for increases (usually 6.9%) and this trend will continue until they are solvent again.
We are approx 5 years into a competitive enviroment where PIP has been reformed and now pays medical based on a schedule. Medical facilities have "cracked" the code and found a way around this. Companies are now running 150% or better PIP expenses.
In addition, we had a significant descision passed down by the NJ supreme court in 2005 that now blurrs the line as it relates to the Threshold option on your policy. These Persoanl Injury losses are now beginning to take their toll on the "BI" portion of your policy.
Bottom line, companies are again scrammbling to survive here! They will ALL take rate increases!
They will also utilize the tools at their disposal to eliminate business that does not fit into their "sweetspot".
This brings me to the point of my drolling on here. Companies are beginning to use "Questionaires" for underwriting purposes on renewal. This is really a tool which can be used to Non-renew you if you do not respond. Do not ignore these questionaires!! I say again, Do not ignore these questionaires!
This is not company specific, but rather an industry wide practice for the purpose of prunning its books.

In conclusion here, expect market turmoil, higher rates and more difficult underwriting for the next 12-24 months.

BTW, the sweetspot for companies is good credit, good driving record, full coverage, been with the same carrier for 3 or more years and perhaps a homeowner. If you meet most of this criteria, then you will get the best rates in the state! Good luck
__________________
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
Theatrix is offline   Reply With Quote
Reply

Bookmarks


Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
NJ Insurance and beyond! Theatrix North East Region 42 03-23-2015 05:50 PM
Insurance Quote DinoJ Nissan 370Z General Discussions 1 05-26-2009 01:54 PM
Searching for the best Insurance robtrink Nissan 370Z General Discussions 8 04-14-2009 04:59 PM
New Rules for NJ Insurance Theatrix North East Region 3 03-10-2009 03:05 PM


All times are GMT -5. The time now is 12:31 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.0 PL2