Little Rate Relief Found First Year After N.J. Auto Reforms

December 4, 2006

  • December 5, 2006 at 10:59 am
    Real NJ Agent says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    The previous agent is way off base. John Dyke is an honest fellow. Anyone who knows him knows that. Plus, those \”numbers\” are from the NAIC….meaning good data….

    As far as GEICO & Progressive….their rate ain\’t cheap! Any real agent know that! Plus GEICO is losing money in NJ.

  • December 5, 2006 at 12:14 pm
    Agent in NJ says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    GEICO didn\’t enter the state until August of 2004. Most companies didn\’t file new rates and plans with the state until late 2004 and in most cases in the second and third quater of 2005. (ie Travelers, Selective, Hanover, Allstate, and Skylands) Progressive didn\’t enter the state until 2005. The effects on NJ Auto rates will not be seen until the 2005 numbers are released, and not even then will the total reduction in auto rates be fully seen until 2007. For anyone who calls themself a representative of auto insurance in NJ to make a statement like Mr Dyke did in this article is totally inaccurate and out of touch with what is happening in our state.

    NJ Auto rates have been decreasing at a rapid rate. In my office alone we have increased personal auto PIF count by over 12% and have very modest gains in our premiums. Companies now offer policies that could reduce premiums over 50% from previous levels. A far cry from the touted 15% or more. Mr Dyke obviously hasn\’t seen what is happening or he would believe that rates are down and continuing to go in that direction.



Add a Comment

Your email address will not be published. Required fields are marked *

*