New York Insurance

For the first time since at least six years, the average cost for insuring a car in New Jersey, below $ 1000, the nation regulators of insurance markets said yesterday.

The average annual cost coverage fell to $ 977.07 in 2000, against $ 1034 to 1999 that the legislature in the recent total expenditure of automobile insurance across the country.

The decline followed by a mandatory 15 percent restoration of interest rates in 1999, imposed by the legislature and Dir Christie Whitman. Insurers have warned time that the measure would force them to cease the activity in New Jersey.

Yesterday, insurers, said the messages that the price had gone down is not a reason to jump for joy. John Tiene, president of the Insurance Council of New Jersey, a trade group, said that some insurers, is not in the situation, a victory was, indeed, in the state, so that is difficult for drivers to find coverage.

The New Jersey Department of Banking and Insurance not return to a call seeking comment.

New Jersey remained the most expensive state, the regulatory authorities. But for the first time in years, she was behind the District of Columbia. Report on the circle is much smaller than the New Jersey / USA and other countries, but not rural areas rose from $ 996.39 to 988.02 EUR the previous year .

The cost of the automatic collection have been rising sharply in recent years in most countries, in collaboration with the cost of insurance at home, and most blankets business. But the National Association of Insurance Commissioners, the largest organization of state regulatory authorities, no trace of their prices. Insurers say, automobiles and Home Insurance costs increase because insurance companies’ expenses increase. And Commercial is extended to cover part because the industry loss estimated at 50 billion dollars in USA the attack on the World Trade Center. insurers’ results have suffered, as the scholarships has decreased, violent, the investment sector.

During 1995, the average cost of auto insurance in New Jersey, was $ 1013, according to the Association of regulatory authorities. The number reached 1998 $ 1,138.

A surprise in the annual ranking was in New York. Insurance experts during the year said that New York, New Jersey was competing for the dubious honour of the most expensive for the state of the automatic protection insurance, since the fraud was the wind in their sails. But after regulatory authorities “group to cover costs in New York in 2000 from $ 7.32 to $ 935.64. This has brought to New York in the third position among the states, Massachusetts and the fourth $ 945.61 behind the District of Columbia.

Robert Hartwig, chief economist at the Insurance Information Institute, a trade group in New York, said that the cost of coverage of New York has been rising since the end of 2000. But he said that the increases did not begin until the end of 2000 and that the trend was not in the regulatory authorities of the statistics.

”There is no doubt that insurers have increased their prices, and there is no doubt that the question of fraud, are in the following years, data,’’said Hartwig.

Joanna Rose, a spokesman for Greg Serio, Superintendent of Insurance and a government representative of George E. Pataki said that officials were pleased dass”New York was one of the USA show improvement.”But she added:”We will not be satisfied until the Assembly Democrats adopt radical reforms proposed by the governor of the fight against fraud and reducing costs for consumers.”

The Democrats accuse the governor, a Republican, to block reform legislation, refusing to accept their proposals to amend the ratemaking process and the creation of a consumer attorney for insurance. Both sides were in a tie, if the legislature has incorporated in June. The Democrats control the Assembly, and Republicans were unable to compromise on legislation to fight against fraud and legislator in this summer interrupted, without acting.