NJ Insurance enviroment changing!
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NJ Insurance enviroment changing!
Effective February 1, 2009, NJ is back to a potentially difficult enviroment.
A few terms I'll define first.
"Take all comers" is an enviroment where companies who write in NJ must accept all comers with 7 pts or less within 3 years.
"Incidents" are any moving violation, chargeable accident or non-chargeable accident.
Combined Ratio" combination of loss ratio and operating expense.
New rules (which would apply to most here) - If you are one vehicle and have more than one incident within the past three years, you are ineligible for voluntary insurance. If you have more than one vehicle, then we will accept as many incidents as vehicles. For example, 2 vehicles and we will accept no more than two incidents within 3 years. 3 vehicles=3 incidents spread amongst all drivers!
What has happened? Competition has brought lower rates. Lower rates means higher combined ratios if underwriting is not in check. So now companies will scramble to correct underwriting.
What we are seeing is a higher occurance of companies non-renewing insureds from all companies. It has gotten very busy lately because of this.
Should you have questions with your carrier or Allstate, post them here and either Chase or myself will respond.
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A few terms I'll define first.
"Take all comers" is an enviroment where companies who write in NJ must accept all comers with 7 pts or less within 3 years.
"Incidents" are any moving violation, chargeable accident or non-chargeable accident.
Combined Ratio" combination of loss ratio and operating expense.
New rules (which would apply to most here) - If you are one vehicle and have more than one incident within the past three years, you are ineligible for voluntary insurance. If you have more than one vehicle, then we will accept as many incidents as vehicles. For example, 2 vehicles and we will accept no more than two incidents within 3 years. 3 vehicles=3 incidents spread amongst all drivers!
What has happened? Competition has brought lower rates. Lower rates means higher combined ratios if underwriting is not in check. So now companies will scramble to correct underwriting.
What we are seeing is a higher occurance of companies non-renewing insureds from all companies. It has gotten very busy lately because of this.
Should you have questions with your carrier or Allstate, post them here and either Chase or myself will respond.
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Insurance is regulated state by state. Circumstances could be similar from state to state, but the company response could be different due to regulatory constaints.
What is happening in NJ is not being mirrored in NY.
What is happening in NJ is not being mirrored in NY.
Effective February 1, 2009, NJ is back to a potentially difficult enviroment.
A few terms I'll define first.
"Take all comers" is an enviroment where companies who write in NJ must accept all comers with 7 pts or less within 3 years.
"Incidents" are any moving violation, chargeable accident or non-chargeable accident.
Combined Ratio" combination of loss ratio and operating expense.
New rules (which would apply to most here) - If you are one vehicle and have more than one incident within the past three years, you are ineligible for voluntary insurance. If you have more than one vehicle, then we will accept as many incidents as vehicles. For example, 2 vehicles and we will accept no more than two incidents within 3 years. 3 vehicles=3 incidents spread amongst all drivers!
What has happened? Competition has brought lower rates. Lower rates means higher combined ratios if underwriting is not in check. So now companies will scramble to correct underwriting.
What we are seeing is a higher occurance of companies non-renewing insureds from all companies. It has gotten very busy lately because of this.
Should you have questions with your carrier or Allstate, post them here and either Chase or myself will respond.
__________________
A few terms I'll define first.
"Take all comers" is an enviroment where companies who write in NJ must accept all comers with 7 pts or less within 3 years.
"Incidents" are any moving violation, chargeable accident or non-chargeable accident.
Combined Ratio" combination of loss ratio and operating expense.
New rules (which would apply to most here) - If you are one vehicle and have more than one incident within the past three years, you are ineligible for voluntary insurance. If you have more than one vehicle, then we will accept as many incidents as vehicles. For example, 2 vehicles and we will accept no more than two incidents within 3 years. 3 vehicles=3 incidents spread amongst all drivers!
What has happened? Competition has brought lower rates. Lower rates means higher combined ratios if underwriting is not in check. So now companies will scramble to correct underwriting.
What we are seeing is a higher occurance of companies non-renewing insureds from all companies. It has gotten very busy lately because of this.
Should you have questions with your carrier or Allstate, post them here and either Chase or myself will respond.
__________________
I got 2 not at fault accidents and a 39 in a 25 ticket.
Insurance dropped me like a bad habit and I'm going crazy trying to find insurance
Let me tell you it's f8cked up what NJ is doing to motorists.
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Call me in the office tomorrow and let me take a look at whats happened to you. We can talk about your options.
<~~~~Giovanni
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Hey Giovanni......Right....
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As far as keeping NY vs NJ, it depends on your address of record. If you are going to live in NJ, you should be licensed, registered and insured in NJ.
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