Printer Friendly

Sponsor of '03 auto insurance law hails declining complaints.

TRENTON, N.J., June 12 -- The sponsor of the car insurance law of 2003 said the legislation has led to a dramatic reduction in consumer complaints about auto insurance.

Assemblyman Louis Greenwald (D-Camden), said in a prepared statement that the auto insurance consumer information report showed a 50 percent drop in complaints about the state's car insurance system.

He said there were about 3,035 complaints lodged with the state Insurance Department last year, about half of what they were before the law kicked in.

Greenwald who is also the Assembly Budget Committee Chairman said, "Four years ago many New Jersey drivers could not purchase car insurance at any price and state insurance regulators were receiving an average of two dozen consumer complaints a day."

He added, "Now the auto insurance marketplace has completely changed. Consumer satisfaction is up, more insurance companies have come into the state, and prices have actually gone down for some drivers."

He said the law of 2003 streamlined a regulatory system that had been burdensome and counterproductive.

Greenwald also noted the assigned risk plan has been reduced from 140,000 motorists in 2003 to 61,000 now; auto insurance is no longer a primary concern of New Jersey residents, and companies had reduced their rates in total by $500 million because of competition.

COPYRIGHT 2007 CINN Group, Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2007 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:NEW JERSEY
Author:Zarate, Vincent R.
Publication:Insurance Advocate
Date:Jun 18, 2007
Previous Article:Industry protests kill dept. HC proposal.
Next Article:WC companies must pay more into security fund.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters