N.J. Senate Passes Agent-Friendly Auto Insurance Changes

December 11, 2007

New Jersey insurance agents would no longer be required to offer auto insurance quotes from all of their companies under a bill recently passed by the state’s legislature.

The bill, which carries the backing of both the Professional Insurance Agents of New Jersey and the Independent Insurance Agents and Brokers of New Jersey, heads to the desk of Gov. Jon Corzine for his signature.

The bill comes after agents complained the current auto insurance system in N.J. “places an unnecessary obligation on insurance agents and does not serve consumers because it fails to take into account all factors that agents consider when offering coverage options to consumers,” said Jack Lynn, PIANJ president.

The bill would also remove requirements for insurers to provide each applicant seeking automobile insurance with three premium scenarios demonstrating the effect of different coverage choices.

Source: PIANJ and IIABNJ

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