Auto insurance rates to jump higher in New Jersey, according to state regulators

The National Association of Insurance Commissioners has announced that New Jersey drivers may see their rates jump higher for the first time in years. The Association notes that the increase is due to the ramping costs of the state’s personal injury protection (PIP) policies. The Association has released a report which shows that the last time auto insurance rates rose was in 2009, when PIP rates rose to $1,218. No news on how much the new rates will be has yet been released. Many states have laws that require drivers…

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NJ regulators to revamp rules for PIP car insurance

Insurance regulators in New Jersey are preparing to give the rules for auto insurance as the struggle continues with expenses relating to the personal injury protection (PIP) system within that state. Governor Chris Christie released a proposal on August 1, 2011, which suggested changes that are intended to decrease internal system use and claim settlement arbitration legal fees, and lower the overall costs for alternative providers. There will be approximately three thousand new treatment codes to be included into the system. For every dollar collected in premiums relating to PIP,…

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