Establishes "Car Insurance Reduction Act" to modify underwriting rules and rate reductions for auto insurers in New Jersey.

The Car Insurance Reduction Act modifies current law for auto insurers in New Jersey by requiring insurers to establish premium rate reductions for safe driving behavior. Insurers may use telematics systems to determine eligibility for these reductions. The bill mandates that insurers provide detailed explanations of their rating plans to insureds, including whether factors unrelated to driving records were used. Insurers must also allow consumers to compare coverage options and estimated premiums on their websites.

Establishes "Car Insurance Reduction Act" to modify underwriting rules and rate reductions for auto insurers in New Jersey.

The Car Insurance Reduction Act modifies current law for auto insurers in New Jersey by requiring insurers to establish premium rate reductions for safe driving behavior. Insurers may use telematics systems to determine eligibility for these reductions. The bill mandates that insurers provide detailed explanations of their rating plans to insureds, including whether factors unrelated to driving records were used. Insurers must also allow consumers to compare coverage options and estimated premiums on their websites.