The New Jersey Department of Banking and Insurance says more than 20 auto insurance companies have requested rate increases since January of 2023. Amica and Allstate top the list with already approved increases as high as 20 percent. Pending requests include Liberty Mutual 24 percent, Plymouth Rock 18.5 percent and Metromile 63.1 percent. Not all drivers with these and other companies will face the same increases.
The insurance companies blame more serious accidents, higher repair costs, supply chain problems and inflation for the need to increase rates.
Source: NJ.COM
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