In addition to some 25 auto insurers that have left New Jersey during the past 10 years, seven more insurers have either left or announced plans to stop doing business in the state this year, according to the Coalition for Auto Insurance Competition in Newark, N.J.
"Drivers are facing the ugly truth about auto insurance in New Jersey," Coalition Chairman John Friedman said. "Excessive regulation and political interference is forcing auto insurers to flee New Jersey, leaving drivers with little choice and few options."
Each month, more than 4,000 policyholders in the state learn that their auto insurance coverage is not being renewed, the Coalition stated, prompting them to look for new coverage in a market that lacks adequate choice and competition.
Currently, there are some 60 auto insurers operating in New Jersey, a third fewer than neighboring New York and Pennsylvania.
