Since a series of reforms took effect in 2003, the vehicle insurance market has become more competitive, which could mean lower insurance prices for New Jersey drivers.

The state Banking and Insurance Commission says consumers have saved almost $1 billion in the past five years from rate reductions and refunds. State Insurance Commissioner Steven Goldman says the biggest improvement since the reforms has been that people who couldn?t get insurance before are now able to.

?I know personally I?ve saved a good bit of money and I?m sure lots of people in New Jersey have,? Goldman said.

Despite the savings, the average premiums in New Jersey are still almost $1,100 a year, which put the state at the nation?s highest. However, Goldman expects to see the trend toward savings continue in the future.

Goldman says the best way to save money is to shop around for the right company.

Related Information:New Jersey Department of Banking and Insurance