McGreevey signs law to ease the rules for automobile insurance
After campaigns for years about the need to reduce New Jersey’s peak in auto insurance premiums, Dir James E. McGreevey signed a law in force today, aimed at facilitating automatic rules relating to the insurer and, ultimately, provide modest reductions in rates of some drivers.
Since 1997, more than 20 insurance companies are no longer written policy in New Jersey, saying that État’s Labyrinth rules made it a profitable market. In recent years, the trend toward lessening of competition has led to exorbitant prices, and that makes it difficult for thousands of motorists, including those with records of good conduct for politics.
The law signed by Mr. McGreevey insurer must attract new to the State by deleting a provision that insurance companies forcing carriers to write policies for drivers with bad records and by adding harder and more strict rules of insurance fraud.
The new plan would also with slight reductions of good conduct and significant increases for motorists crossing discs troubled.
The governor does not include a restoration plan automatic tax rate, a fact that many legislators, to criticize, as it is for the insurer. But when he has the bill today, Mr. McGreevey said he was convinced it was a first step towards reconstruction and the market would end racing principles, in addition to consumers for the selection of insurers .
”We have to stabilize the 30 years of rules of conduct that the driver of the vehicle, they were allegedly to protect,”M. McGreevey said in a press conference for a highway outside the State House.
Today’s ceremony was a milestone in the political career of Mr. McGreevey. During 1997, hardly known as mayor of Woodbridge, he collapsed near Dir Christine Todd Whitman discontent among voters by using the state’s high auto insurance premiums and the question has remained central to his successful campaign four years later.
But the absence of reductions in interest rates for most motorists many legislators marveling left on the contrast between the ambitious rhetoric of Mr. McGreevey campaign and the limited impact of the new law.
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