January 25, 2024
TRENTON, NJ (MERCER)–State Farm has sent letters to policy holders in New Jersey that they are giving notice that they filed notice with New Jersey Department of Banking and Insurance seeking a rate increase of 23.7% for the Private Passenger Automobile line of Business.
Under the filing policy holders with liability-only would see an average rate change of 24.8% increase. Full Coverage policies that include comprehensive and collision coverage will see a rate change of 23.5% increase.
The company stated in the letter received by policy holders that the rate increase is subject to review and approval by the Department of Banking and Insurance pursuant to law, and the request ultimately may not be approved or may not be approved for the full amount requested. If approved in whole or part, the rate change will not affect existing polices until renewal.
See letter from State Farm that went to NJ’s policy holders below:
State_Farm_Price_Increase_01252024Download