Our Program
David Scales, Jr., (left) owner of the Scales State Farm Agency and a member of Vineland Rotary, was our speaker discussing Property and Casualty insurance in New Jersey.
As we all are noticing, rates are up in New Jersey. David noted that causes include inflation and "300 other variables!" Claims are up and costs are skyrocketing. Since the pandemic ended, travel is up and people are using their vehicles more than they were using them pre-Covid. Many accidents are attributed to distracted driving which is up 27% over the past two years.
Labor shortages are impacting auto repairs, with local agencies experiencing long waits, some reporting a month or longer before they can even look at your vehicle.
Homeowners rates are also increasing. David spoke about a variety of reasons why this is happening. However, if history repeats itself, he believes rates should show improvement in 2-3 years. Meanwhile, he advised that the best way to handle your insurance costs and concerns is to meet with your agent annually to review your policies to ensure your coverage is appropriate.
But beware of lowering your coverage just to save money because you may be increasing your personal risk. He noted that insurance is all very personal and there are many variables. Again, his advice is to make an appointment with your agent to review your coverage -- it may lead to savings, but it may also lead to improved overall protection.
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