New Jersey Banking and Insurance Acting Commissioner Donald Bryan on Friday pointed to recent auto insurance reforms and a newly competitive marketplace for improving affordability and accessibility of insurance in urban centers.
Speaking at the grand opening of Royale Insurance Agency, the first auto insurance agency to open in Paterson in more than 20 years, Bryan joined Mayor Joey Torres and other officials in marking the occasion.
“Royale Insurance’s move into Paterson shows the state’s commitment to providing choices and accessibility to all residents, whether they live in the suburbs or urban areas,” said Acting Governor Richard Codey. “This is further proof that auto insurance reforms are providing all drivers in New Jersey an insurance marketplace that works for them.”
“Urban residents have faced an uphill battle finding coverage for some time now,” added Bryan. “We hope companies and agencies alike continue to tailor products and services to serve a variety of market segments. Royale Insurance has shown the ability to succeed in the urban market. Not only do we wish them luck in their new home, we look forward to more competition, options and choices throughout the state in the days and months to come.”
Tailoring to the urban insurance market since 1978, Royale Insurance also has branches in Guttenberg and Jersey City. It offers insurance policies for auto, home and life from the most basic to the very comprehensive.
“The 2003 auto insurance reforms are making a positive impact in urban communities,” said Royale Insurance President Remberto Perez. “The reforms have resulted in more options for urban drivers. We are now able to offer these residents the ability to choose their insurance company, rather than companies deciding whether to choose them.”
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