TRENTON, N.J. – Insurance options for New Jersey consumers remain limited and costly. Assemblywoman BettyLou DeCroce wants to allow residents to purchase policies from any other state in the country.
“Trenton tells us to shop around for the right coverage, but the choices are few and far between and policies can be unaffordable,” said DeCroce (R-Morris). “We should be able to travel out-of-state to save some money.”
Residents and employers under the bill (A5274) may purchase any insurance policy sold in another state, including health, auto, and worker’s comps provided they meet state requirements.
“More alternatives create competition within the marketplace. Buyers benefit from better coverage and cheaper premiums,” DeCroce said. “It’s a global economy today. People shop online, buying clothes, tools and shoes from anywhere in the country. Insurance shouldn’t be any different.
“A handful of powerful corporations control insurance in our state. That’s not the best situation for the little guys, the families, small business people, and retirees. This will give residents an opportunity to cut expenses on some of the most costly items in their annual budgets,” DeCroce concluded.