New Jersey’s Coalition for Auto Insurance Competition (CAIC) announced that the New Jersey Association of REALTORS® (NJAR), has joined the Coalition in its campaign to reform the state’s auto insurance laws to spur consumer choice and market competition.
The non-profit association represents approximately 36,000 professional real estate agents in New Jersey. It’s adherence to the CAIC’s cause further increases the number of organizations committed to reforming the state’s auto insurance system. The Professional Insurance Agents of New Jersey also recently joined (See IJ Website May 9).
“The New Jersey Association of REALTORS® recognizes the need for a regulatory system that promotes competition, encourages companies to sell auto insurance in New Jersey, and creates a stable market that offers more choices for consumers,” stated Rosanne Citta, NJAR President. “We are particularly concerned that the continued erosion of insurers in New Jersey will have a detrimental impact not only on the availability of auto insurance, but homeowners insurance as well.”
The Coalition reiterated its position that reforms will attract more auto insurers to New Jersey, spur competition and increase consumer choice. It’s urging that companies be permitted to use industry-accepted standard underwriting methods, which it says are “used in nearly every state,” and that the low ceiling on company profits be adjusted to permit a reasonable rate of return.
“The latest figures show New Jersey has 47 percent fewer companies selling auto insurance than Illinois and more than a third fewer than neighboring New York and Pennsylvania. More than twenty auto insurance companies have left New Jersey in the past ten years,” said the CAIC’s announcement.