“U.S. Congress Learns of New Jersey's Auto Insurance Crisis”

Federal lawmakers today learned that New Jersey’s auto insurance crisis has impacted more than a quarter million people within the past three years alone, forcing drivers to search for auto insurance in a market bereft of auto insurers.
Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage.
The Coalition for Auto Insurance Competition’s statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state.

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