New Jersey has the nation’s fifth-highest yearly car insurance rates, according to the latest report from MarketWatch Guides.
High repair costs and more car accidents are driving the rates, insurance advocates said. But consumer advocates argue that insurance companies have raised rates to cash in on high profits.
According to the April 2024 report, minimum liability coverage in New Jersey costs $1,032 or $86 a month. Only Michigan, Connecticut, New York and Florida had higher rates than the Garden State.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.