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The Coalition for Auto Insurance Competition today announced that the New Jersey Association of REALTORS(R), a non-profit association representing the professionals needs of approximately 36,000 REALTORS(R) in the state, has joined the Coalition in the effort to reform New Jersey's auto insurance laws to spur consumer choice and market competition.
"The New Jersey Association of REALTORS(R) 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," said 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 is calling for reforms that will attract more auto insurers to New Jersey, spurring competition and increasing consumer choice. These reforms include permitting companies to use industry-accepted standard underwriting methods used in nearly every state and adjusting the low ceiling on company profits 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.
"It's only natural to expect that consumers will shop around for the best deal if they have more choices," said John Friedman, Chairman of the Coalition for Auto Insurance Competition. "Competition and choice benefit consumers and when companies compete, consumers win."
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 National Association of Independent Insurers, Insurance Council of New Jersey, American Insurance Association, New Jersey Chamber of Commerce, Independent Insurance Agents of New Jersey, Citizens for a Sound Economy, National Association of Mutual Insurance Companies, New Jersey Association of REALTORS(R), 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.