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The Coalition for Auto Insurance Competition is launching an additional wave of advertising as part of its continuing statewide media campaign for reforming New Jersey's car insurance system to increase insurance competition and consumer choice.
The new newspaper ad begins May 15 and can be viewed by visiting www.njcaic.org/pdf/caic_printad2.pdf. The campaign seeks to educate New Jerseyans and to enlist their support to achieve comprehensive reform essential to improving the auto insurance market in New Jersey by encouraging more insurers to do business here. Citizens are urged to log on to the Coalition's website, www.njcaic.org.
"The Coalition is striving to achieve 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," said John Friedman, chairman of the Coalition for Auto Insurance Competition. "Four out of the six largest insurers in America already do not do business in New Jersey and when the state's largest auto insurer completes its announced withdrawal, that number will increase to five out of six. Over 20 auto insurers have left New Jersey in the past decade. More have announced they intend to leave. This, in turn, has profound consequences for consumers. Nearly one million New Jersey drivers could soon find themselves scrambling for coverage."
The Coalition is broadcasting radio ads on nine radio stations in New Jersey and New York and placing ads in eight newspapers throughout the state.
"It's only natural to expect that consumers will shop around for the best deal if they have more choices. Competition and choice benefit consumers and when companies compete, consumers win," said Friedman.
"Having to operate under the state's restrictive and difficult regulatory regime where insurers are told what products to sell, to whom they must sell to and how much to charge, companies lack an incentive to remain and invest in New Jersey, " continued Friedman. "If New Jersey was a good place for insurers to do business, companies would flock to our state and consumers would have a multitude of choices. Instead, insurance companies have crowded the exit ramps. If reform of our state's regulatory system is not addressed, consumers will continue to suffer from the dearth of choice and market competition."
The Coalition welcomes the participation of businesses, associations and consumers who seek to work together to bring about meaningful and responsible auto insurance reform. Members include the Independent Insurance Agents of New Jersey, Professional Insurance Agents of New Jersey, Citizens for a Sound
Economy, National Association of Mutual Insurance Companies, Professional Insurance Agents of New Jersey, New Jersey Food Council, New Jersey Retail Merchants Association, NJ SEED (Society for Environmental, Economic Development), Somerset County Chamber of Commerce and the Commerce and Industry Association of New Jersey.