Bruce Springsteen may be hot here in New Jersey, but tomorrow's expected 90-degree temperatures in Asbury Park may be hotter.
To help folks visiting the boardwalk tomorrow beat the heat, New Jersey's Coalition for Auto Insurance Competition will give away free Asbury Aqua bottled water to Bruce fans. Springsteen is scheduled to perform at the historic Asbury Park Convention Center for NBC's Today's Show.
"New Jersey drivers need relief from oppressive state regulations that stifle auto insurance choice and competition," said Coalition chairman John Friedman. "By giving away free bottled water tomorrow, we'll provide Bruce fans some relief from the heat."
Seeking to prevent an unprecedented statewide auto insurance capacity crisis precipitated by the deterioration of the auto insurance industry's financial health in New Jersey, the Coalition is urging Trenton lawmakers to reform New Jersey's auto insurance laws and regulations to create a stable and competitive market.
The Coalition for Auto Insurance Competition, a New Jersey-based group open to businesses, associations and consumers, cites the state's regulation of auto insurance as the culprit behind limited competition by discouraging insurance companies from doing business in New Jersey.
"You'd think some auto insurance companies were born to run out of New Jersey," said Freidman. "More than twenty insurers have fled the state in the past ten years due to excessive regulation."
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.
"We need 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.
The group 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 already used in nearly every state and adjusting the low ceiling on company profits to permit a reasonable rate of return.
"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.
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.