New Jersey Traveler’s Insurance Increase

The premiums for my traveler’s policy increase by $400 this year, or about 25%. I’ve been told it’s the result of a 2007 New Jersey state-approved rate increase. Is this right?

Answer

The best source for information about specific statewide insurance rate increases is the department of insurance for your state. Usually, these departments keep websites where you can easily find out if the rate increase indeed took place, and, if so, how much rates rose. You can also compare the premiums of various insurers who issue policies in your state. Check out the New Jersey department of insurance website for further information. Keep in mind that New Jersey consistently has some of the highest car insurance premiums in the country, so a rate increase is fairly likely.