The average auto insurance premium for residents in New Jersey was $1,365 in 2003; the national average was $914. Some people think the state and insurance companies fix the rates, so they never shop around for better rates. Insurance companies segment their rates differently so everyone's rate will be different with each company. You have to shop around to see if you are saving money. CarInsurance.com helps you find the competitive rates and discounted prices available in New Jersey, so average New Jerseyites can get a better-than-average low rate on their auto insurance.
2007 had the first decrease in rates since 1999. 2007 had a .5% to 1% decrease in car insurance rates from 2006. In 2008, rates are expected to slowly rise again! Sites like CarInsurance.com recognize that the only way to save is to shop. We bring competition directly to the consumer and lower your costs through technology!
Visit the U.S. Car Insurance Requirements page to see how New Jersey state laws compare to other states.
Rates also change over the years and especially in a state like New Jersey, if you are not careful you could end up paying too much for your auto insurance. Looking back, the average auto insurance premium in 2000 was about $1,146; it increased 19.11% in just 3 years! Since then rates have fluctuated. Don't waste your money paying high insurance premiums.
Sunday, August 3, 2008
Public auto insurance
Public auto insurance is a government owned and operated system of automobile insurance operated in the Canadian provinces of British Columbia, Saskatchewan, Manitoba and Quebec. According to studies by the Consumers' Association of Canada, rates charged for auto insurance in these four provinces are lower than in provinces that use a private auto insurance system.[1] In Quebec public auto insurance is limited to coverage of personal injuries while damage to property is covered by private insurers.[2] Saskatchewan has the oldest public auto insurance system with Saskatchewan Government Insurance being founded in 1945. Manitoba Public Insurance was created in 1971 followed by the Insurance Corporation of British Columbia in 1973 and the Société de l'assurance automobile du Québec in 1977.
Other provinces have considered introducing a public auto insurance system. The Ontario New Democratic Party won the 1990 provincial election on a platform that included public auto insurance. After assuming office, Premier Bob Rae appointed Peter Kormos, one of the most vocal proponents of public insurance, as the minister responsible for bringing forward the policy.[3] With the onset of the recession, however, both business and labour groups expressed concern about layoffs and lost revenues.[4] The government rejected the policy in 1991.
Public auto insurance has also been considered in New Brunswick after private insurance rates nearly doubled from 2003 to 2005, but was ultimately rejected by the provincial government.[5] It was also an issue in Nova Scotia during its 2003 provincial election and remains in the platform of the official opposition, the Nova Scotia New Democratic Party.[6] It was also under consideration by the Newfoundland and Labrador Progressive Conservative government of Danny Williams in 2004 as a "last resort" when private insurance firms threatened to pull out of the province in response to legislation rolling back premium.
Other provinces have considered introducing a public auto insurance system. The Ontario New Democratic Party won the 1990 provincial election on a platform that included public auto insurance. After assuming office, Premier Bob Rae appointed Peter Kormos, one of the most vocal proponents of public insurance, as the minister responsible for bringing forward the policy.[3] With the onset of the recession, however, both business and labour groups expressed concern about layoffs and lost revenues.[4] The government rejected the policy in 1991.
Public auto insurance has also been considered in New Brunswick after private insurance rates nearly doubled from 2003 to 2005, but was ultimately rejected by the provincial government.[5] It was also an issue in Nova Scotia during its 2003 provincial election and remains in the platform of the official opposition, the Nova Scotia New Democratic Party.[6] It was also under consideration by the Newfoundland and Labrador Progressive Conservative government of Danny Williams in 2004 as a "last resort" when private insurance firms threatened to pull out of the province in response to legislation rolling back premium.
Auto insurance risk selection
Auto insurance risk selection is the process by which vehicle insurers determine whether or not to insure an individual and what insurance premium to charge. Depending on the jurisdiction, the insurance premium can be either mandated by the government or determined by the insurance company in accordance to a framework of regulations set by the government. Often, the insurer will have more freedom to set the price on physical damage coverages than on mandatory liability coverages.
When the premium is not mandated by the government, it is usually derived from the calculations of an actuary based on statistical data. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims.[1] Those factors can include the car characteristics, the coverage selected (deductible, limit, covered perils), the profile of the driver (age, gender, driving history) and the usage of the car (commute to work or not, predicted annual distance driven).
When the premium is not mandated by the government, it is usually derived from the calculations of an actuary based on statistical data. The premium can vary depending on many factors that are believed to have an impact on the expected cost of future claims.[1] Those factors can include the car characteristics, the coverage selected (deductible, limit, covered perils), the profile of the driver (age, gender, driving history) and the usage of the car (commute to work or not, predicted annual distance driven).
Subscribe to:
Posts (Atom)
