The right coverage at the right price could cost more in New Jersey.
Allstate New Jersey Insurance Co. is asking the state for permission to raise rates by 15.4 percent on average.
The insurer says the higher premiums are needed to cover the higher cost of car repairs, lawsuits and medical care. Company spokesman Walter Tomasheski tells The Record of Bergen County that the company is paying more in claims than it is collecting in premiums.
The request is the largest ever by AllState New Jersey, which covers nearly 700,000 vehicles in the state.
If approved, the increase would take effect when policies are renewed.
The Banking and Insurance Department has 90 days to review the request and respond.
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Information from: The Record of Bergen County
Topics Pricing Trends New Jersey
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