The way insurance companies rate auto insurance has changed drastically in the last five year. Where there used to only be 5 risk pools there are now over 300. They also use new factors to determine your premium like education level and credit rating. Because rating has become so complicated it is impossible to get a "ballpark" figure. All of your information must be inputted to get an accurate quote.
Here are some of the factors that determine your rate: 1. Credit Score 2. Town you live in 3. Driving history 4. Experience of driver/s 5. Liability limits(including PIP) 6. Prior insurance ( number of years insured) 7. Accident and ticket history(sometimes for the last 5 years) 8. Type of vehicle 9. Use of car-- work, business or pleasure 10. Whether you own a home or rent
The good news is that auto insurance rates have lowered in New Jersey thanks to the new rating factors. New Jersey still has some of the highest rates in the country largely due to the population and amount of cars on the road. If lawsuits persist and the cost of repairing cars goes up the rates will continue to rise. Another problem for insurers is fraud. New Jersey is currently prosecuting insurance fraud to keep your rates lower. If you know anyone committing insurance fraud report it to authorities immediately. Remember insurance fraud only raises your rates.
Homeowners Insurance
Home insurance premiums have not increased significantly in the last five years in New Jersey. If the weather here continues to cooperate we will only see slight increases in the near future from our companies. Some insurance companies are not so lucky thanks to the devastation caused by Katrina. It may become more difficult to purchase home insurance from these companies in the future. Allstate has already stopped writing new home business in the state of New Jersey.
The good news is our companies want your business. Almost all of our carriers give discounts to new home buyers.
Here are some of the factors that make up a home insurance rate: 1. Location of home 2. Square feet of home 3. Credit rating 4. Construction type 5. Age of home 6. Prior losses(sometimes going back 5 years) 7. Smoker or Non-Smoker 8. Underground Oil tank 9. Renovation and updates on roof, wiring, heat and electric
With home insurance it is almost always best to consult a licensed professional. It is very important to insure your home for the right value. It is your largest asset...protect it well.
