Happiness in not in money but in shopping, check this offer on amazon!

Table of Content

Why Auto Insurance is Getting so Expensive in New Jersey

Know the reason of Why Auto Insurance is Getting so Expensive in New Jersey. Finance news of United States, Know all about the controversial law in US

Finance News: The New Year has arrived and 1.2 million drivers from New Jersey will be started paying more for their auto insurance. But it's important to know why auto insurance is getting so expensive in New Jersey and will discuss about the bill here in this article post.

Why Auto Insurance is Getting so Expensive in New Jersey

Gov. Phil Murphy has signed into a law that increased the minimum amount of liability insurance drivers need to have in the state.

This controversial law can affect drivers to pay around $125 more a year per car for auto insurance, according to an industry official this law has come into effect from the first day of the new year 2023.

The new law raised the minimum amount of liability coverage from $15,000 to $25,000. Baked into law is another $35,000 increase in minimum liability coverage in 2026, So drivers can expect to pay even more over three years.

The industry expert told that at the time the bill was in the process of debate, it would affect 1.1 million drivers. But the state banking and insurance departments, which have supervision over insurance companies, said there are an estimated 1.1 million to 1.2 million vehicles with current minimum coverage.

These stats of private passenger vehicles that have been insured by auto insurance in New Jersey are 5,970,00 and these data are according to the DOBI.

Proponents of the law argued that victims of accidents are not always able to cover their medical bills in full due to fewer coverage options.

Whatsapp Group Join Whatsapp
Telegram Group Join Telegram
Follow on Google Click on Star
Facebook Group Join FB Group
Try Hostinger for web hosting