GREENWALD: NEW STUDY ADDS TO EVIDENCE N.J.’S AUTO INSURANCE REFORM A GROWING SUCCESS

(TRENTON) – Assembly Budget Chairman Lou Greenwald on Thursday said a new study adds to the evidence that the 2003 auto insurance reform legislation he sponsored is a growing success for New Jersey drivers.

The new data shows New Jersey – which for years infamously had the nation’s highest auto insurance rates – now has the nation’s 22nd highest average premium, at $1,473.73.

“The landmark reforms we made nearly seven years ago have created permanent and lasting changes in New Jersey’s formerly troubled auto insurance market, benefiting drivers in a way few could have ever once imagined,” said Greenwald (D-Camden). “We’ve increased competition, increased access to insurance and, most importantly, increased savings to New Jersey drivers.”

The New Jersey Automobile Insurance Competition and Choice Act was one of the centerpiece reforms enacted by the Democratic-controlled Legislature in 2003. The reform measure streamlined a regulatory system that had become burdensome and counterproductive.

“Our over-regulated market led to high rates, and now that we’ve eased back on that in favor of competition, we’re seeing the benefits,” Greenwald said. “I also expect this is only the start of the savings, with rates continuing to go down year after year as New Jersey’s auto insurance market continue to improve.”

The new data can be found at http://www.insure.com/car-insurance/most-and-least-expensive-states-2010.html.

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