This Day In History: 1958-02-05
Surprise, automobile insurance rates went up in New Jersey. The New Jersey Banking and Insurance Commissioner Charles R. Howell had approved the rate rise after what was described as “months of study by his department.” The rises applied only to private passenger cars and averaged about 14% higher than before. The biggest hikes were for single males under 25. An example of the rise was that the rate for the Northern Bergen driver carrying the basic policy of $5,000 to $10,000 for bodily injury and $5,000 for property damage would than pay $47 per year, as opposed to the old rate of $41. The under 25 male, single driver had to pay instead of the previous rate of $136 $169. It might have paid him to get married, though, since the rate for married males under 25 was $89 instead of the earlier rate of $78. There might have been some hidden costs of marriage not covered by car insurance, we suppose.