The rates in the state for vehicle coverage have risen again, according to NAIC data.
The National Association of Insurance Commissioners (NAIC) has reported that drivers in New Jersey are continually paying higher prices in order to maintain their auto insurance coverage.
The Garden State has been experiencing regular rate hikes over the last few years.
Data released by NAIC has shown that in 2009, the average cost of auto insurance in New Jersey had been $1,218. This increased the next year to reach $1,276. The association notes that this amount includes the legally required liability coverage that must be carried by all motorists in the state. It also includes optional comprehensive and collision coverage.
Most drivers in New Jersey carry this type of auto insurance coverage, according to NAIC data.
This statistic represents approximately 4.1 million motorists within the state. This most recent data shows that New Jersey’s auto insurance costs are now closing in on those for Washington D.C., and that they are primed to overtake them in the near future. At the moment, Washington D.C. is the second most expensive jurisdiction in the United States for covering a vehicle.
In that region, the average cost of personal auto insurance is $1,277, according to data obtained by NAIC. The most expensive state in which to cover a vehicle is Louisiana, where drivers pay an average of $1,295.
NAIC is a group of the commissioners from all of the states, and the data that it produces, based on its studies, is typically considered to be the most authoritative in the auto insurance industry. The data from its most recent insurance news examination of the state based figures also showed that over the last few years, there has been a considerable swing in the rates paid by drivers within the New Jersey marketplace.
In 2006, combined coverage cost an average of $1,285, representing the highest rates in recent years. Its low occurred in 2008, when the average cost of combined coverage had been $1,198. NAIC also found that when it comes to the basic levels of auto insurance, that is, the liability coverage, this state was the most expensive in the country.