State approves auto rate boost for Allstate NJ

May 6, 2009 5:47:55 AM PDT
Some 300,000 motorists will pay more to insure their vehicles with Allstate New Jersey Insurance Co. State Insurance Commissioner Steven Goldman has approved an 8.9 percent increase. It's the largest increase since the state changed laws to contain costs six years ago.

Allstate New Jersey customers will pay an average of $100 to $150 a year more for coverage when they renew.

The company had sought a 15.4 percent increase, saying it needed the higher premiums to cover the higher cost of car repairs, lawsuits and medical care.

The increase applies to hospital and medical costs under the personal injury protection coverage.

Allstate New Jersey says the increase will not affect customers covered since 2006.

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Information from: The Trentonian, http://www.trentonian.com

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