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NJ car premiums high.

TRENTON, N.J. -- The car insurance premiums in New Jersey are the second highest in the nation at an average $1,151, topped only by the rates in the District of Columbia at $1,163.

That's according to the latest auto insurance rate comparisons in the country announced by the National association of Insurance Commissioners.

Also ranked high among the 50 states is the New York average rate of $1,083 and Connecticut at $991, according to the listing.

The New Jersey rate as of 2006 again shows the state has the most expensive premiums, and despite changes in the car insurance laws made four years ago to keep the rates down, the decreases are paltry.

At the end of 2005, the New Jersey average premium was listed at $1,184, at the end of 2004 it was listed at $1,221 and at the end of 2003 it was $1,193. The average rate dropped only $42 from the rate four years ago.

Nevertheless the latest rate at least moved New Jersey from the stigma of having the highest rate in the country to second place.

Industry officials said the rates could have been a lot higher if new laws to increase competition had not been enacted four years ago.

The New Jersey average is $344 more than the national average that is listed at $786 a car.

Industry officials also note though that New Jersey has the highest medical benefits per policy than the others states and more benefits per policy than the other states.

According to the listing the highest average rates are in:

D.C. $1,164; New Jersey $1,152; Louisiana $1,094; New York, $1,083; Florida $1,069; Massachusetts $1,042; Rhode Island $1,038, Delaware $1,024; Nevada, $1,008 and Connecticut $991.

The lowest average rates according to the listing are:

Maine $634; Indiana $631; North Carolina $596; Wisconsin, $590 and Nebraska $584.

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Title Annotation:GARDEN STATE UPDATE
Author:Zarate, Vincent R.
Publication:Insurance Advocate
Date:Dec 15, 2008
Words:322
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