This Day in History: 1934-03-10
Have you been hoping that automobile insurance rates would go down. On this date in 1934 the National Rating Bureau announced the the standard charges for insurance in Bergen County was going down. The initial rates for light and medium cars which had been $13 for $5,000 of coverage and $50 for personal property damage had been reduced to $12 and $45 injury protection respectively, a total of $56 instead of the previous $63. The motorist would save $6 by the new lower rates. The charges for heavy cars were also down a total of $8 to $14 for property damage and $53 dollars per year. Although no formal announcement was made, it was expected that the non-conference companies, who traditionally charged rates lower than the standard ones, would follow suit.