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New Jersey towns have different rates for home and auto insurance. This page gives some explanation about how insurance companies create those rates. If you want to get a quote, click on the quote line at the top of this page.
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Home insurance rates are heavily driven by the quality of fire insurance protection. If there is no public fire protection, the area gets a fire protection code of 10. The best possible fire equipment, fire hydrants, and a paid firefighter force on duty at all times could get a 1. Class 9 assesses that there is a fire department within 5 miles, but no fire hydrant within 1,000 feet. So it is possible for a community to be split between a 9 and a better class where there is water available in one area and not in another.
To give an example, to receive a Public Protection Classification (PPC™) of Class 8 or better, a community must first have the minimum facilities to get a PPC rating, and must earn at least 20 points when evaluated according to the criteria in the Insurance Services Office's (ISO) fire suppression rating schedule. In addition, the community must have these additional minimum facilities:
- There must be a minimum water supply of 250 gallons per minute (gpm) for a two-hour duration for fire protection in the area.
- If the fire department delivers the 250 gpm through tanker shuttle, large-diameter hose, or other alternative water supply, the water must be available within five minutes of the arrival of the first-due apparatus, and the department must maintain the flow, without interruption, for the two-hour duration.
- The fire department must have at least one piece of suitably equipped apparatus with a pump of at least 250-gpm capacity rated at 150 psi.
Once a town is higher than protection class 7, most of the improvements in protection lower the fire rate for commercial buildings but not for homes.
After all that, insurance companies consider many points about the construction of the house, the history of losses, and so on. Almost all insurance companies send a record of losses to a common database, the C.L.U.E. or comprehensive loss underwriting exchange. So a loss in one company will be known by any other company looking at that property. For more on NJ homeowners insurance, or to get a quote, click here to go to our home insurance page.
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Auto insurance rates are determined, in part, by the traffic density of an area, the frequency of auto accidents, the amount of auto theft, and the frequency of auto related law suits.
Then insurance companies apply factors for the particular car, its cost, how it's used, and a set of factors from the driver. Driving record is very important. The worst drivers can not get a quote from the average insurance company; Progressive will often offer coverage to drivers with those records. For driving record, as well as other incidents and behaviors, each company has its own set of rates to price what it charges. One company's idea of a good driver, deserving discounts, can be another company's idea of an average driver. We can help you navigate through this to get the best rate available to you for the protection you need. Call us or contact us for more information and comparative quotes from several companies.
For more on New Jersey car insurance, or to get a quote, click here to go to our car insurance page.
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