New Jersey Banking and Insurance Acting Commissioner Donald Bryan recently reported that during the last two years 64 percent of auto insurance policyholders have received rate reductions or special dividends. Since the auto insurance reforms of 2003, 17 insurers have returned nearly $334 million to the drivers of more than 2.2 million vehicles.
Since the reforms, 29 rate decreases or special dividends by 17 auto insurers have brought more than $333.9 million in savings to policyholders. So far this year, 10 auto insurance companies have made 11 rate reduction filings to save policyholders more than $33 million. Recently, the following auto insurers received approval for rate reductions: Selective Insurance Company, AIG subsidiary American International Insurance Company of New Jersey, Chubb, Parkway Insurance Company; Amica Mutual Insurance Company and New Jersey Citizens United Reciprocal Exchange.
Topics Carriers Auto New Jersey
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