Assembly Financial Institutions and Insurance Committee Chair Craig J. Coughlin (D-Middlesex) issued the following statement on Monday after Nationwide Mutual Insurance Company announced that it would resume selling auto policies in New Jersey this August:
“Nationwide’s return to New Jersey is welcome news. With the addition of Nationwide, New Jersey residents may now buy auto insurance from nine of the nation’s top 10 auto insurers. This expansion of insurance options makes the market more competitive and will benefit good drivers statewide.
“It wasn’t long ago that the auto insurance market in New Jersey was in shambles, but the reforms ushered into law by Democrats have once again proven beneficial to consumers. For years, overregulation forced carriers out of the state and made it more difficult for motorists to find a good policy in a timely fashion. Nationwide coming back is a return on the time and effort we’ve invested in auto reform over the last decade.
“In addition to the significance of this move in terms of the insurance rates and quality of customer service available to our residents, it speaks volumes of New Jersey’s potential to attract members of the business community.
“As AFI Chair, I would personally like to thank Nationwide for its cooperation as we work to deliver more choices to the people of New Jersey.”