|reply to RobNyc |
Re: Car Insurance Question
said by RobNyc:The "hassle" I would be more concerned with is being bankrupt after insurance co. discovers insurance fraud after a major accident I might be involved in.
I just don't want to get new insurance in new address in NJ, and have to get NJ license, plate, etc hassle.
Also, us honest drivers, insurance wise , pay higher premiums for such fraud in the end along with NJ tax payers shouldering some of your responsibility when it comes to road taxes and such....etc, etc, etc.
TRENTON New Jersey is taking aim at residents who fraudulently register their vehicles or obtain auto insurance in other states.
The Assembly recently passed a measure that makes so-called "reverse rate evasion" a form of insurance fraud under state law.
Under the practice, vehicle owners register and insure their vehicles in other states to get cheaper premiums, even though the Garden State is their principal residence or the insured vehicle is mostly kept in New Jersey.
Critics say this results in the state losing substantial revenues, causes higher premiums for those who properly register their vehicles and reduces insurers and stockholder profits. They also note that many out-of-state policies provide lesser coverage than what's mandated under New Jersey law.