The average cost of auto insurance has been in the country park for the first time this year, according to new data from the National Association of Insurance Commissioners. Industry representatives and State insurance regulators said the rising cost of personal injury protection, or PIP, the coverage is largely to blame.
The average price of insuring vehicles combined in New Jersey rose to $ 1,218 in 2009, the latest data available, up from $ 1,198 a year earlier, according to a study released Tuesday NAIC. This figure takes into account the cost of liability, collision, and comprehensive auto insurance.
Similarly, the average spending per insured vehicle, or approximate what consumers are NAIC’s really spend on auto insurance, up $ 1,101 in 2009, of $ 1,081 in 2008. This figure is based on the assumption that all drivers carry insurance but not necessarily of a collision or comprehensive coverage, officials noted.
NAIC is an umbrella organization for insurance State regulators and the insurance cost study, though lagging behind a few years, is considered the most authoritative.
According to the report, the cost in New Jersey remained slightly below where they were in 2007, when the combined average premiums for private vehicles is $ 1,228. The cost also is significantly down from that in 2005, when the average premium is $ 1,337.