Tag: New Jersey auto insurance

Auto insurance fraud is the latest NJ Assembly target

H. Cutner
Auto insurance fraud

A new bill has been sponsored by Assemblyperson Wayne P. DeAngelo (D) to implement a crackdown. A new bill A2204 is before the Assembly, having been sponsored by Assemblyperson Wayne P. DeAngelo (D-Mercer/Middlesex) with the purpose of targeting the residents of the state who are purchasing their auto insurance in other states through fraudulent means, despite the fact that they reside primarily within New Jersey or the insured vehicle is primarily kept there. This is considered to be a form of fraud that is becoming quite costly within the state.…

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Auto insurance customers in New Jersey are experiencing regular increases

New Jersey auto insurance

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…

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Reforms to the New Jersey auto insurance system may generate significant results

Julie Campbell
New Jersey Auto insurance

The changes to the PIP coverage system could make it harder for injured people to pay their medical expenses. The state legislature is currently facing a decision that would alter the New Jersey auto insurance laws, in an effort to control the rapidly increasing costs to the insurers. Unfortunately, at the same time, these alterations to the regulations risk causing those who are injured in car accidents to find themselves being denied critical medical care coverage. At the moment drivers in the state are required to have vehicle coverage that…

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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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New Jersey insurance regulators prepare to tackle a loophole in the state’s insurance system

Marc

New Jersey insurance companies have filed a complaint against a North Jersey hospital that is billing them excessively for medical procedures that are not inherently expensive. According to insurers, the claims coming from the Meadowlands Hospital Medical Center in Secaucus, New Jersey, are 3,000% higher than the claims coming from other, similar medical centers. Governor Chris Christie is expected to take up the issue and target the medical center as part of his campaign against rising insurance prices. The problem seems to stem from auto accidents. The Meadowlands Hospital Medical…

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NJ regulators to revamp rules for PIP car insurance

H. Cutner

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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