Jon Bramnick, a New Jersey State Senator representing District 21, announced his intention to prioritize consumers and everyday residents over insurance companies if elected governor. He made this statement on his social media platform on February 10.
"When I'm Governor, I promise to always stand on the side of the people," said Bramnick. "Not insurance companies."
According to Bankrate, car insurance costs in New Jersey significantly exceed the national average. Full coverage in the state costs approximately $2,938 annually, while minimum coverage averages $1,272. Various factors influence these rates, including driving history and credit score. Drivers with a DUI may experience a 97% increase in their rates, and those with poor credit could see a 116% rise. Young male drivers, particularly those aged 18 on their policy, face the highest costs at an average of $8,396 per year for full coverage.
MSP Insurance explains that third-party litigation funding (TPLF) involves outside investors financing lawsuits in exchange for a portion of any settlement or award. This practice allows plaintiffs to pursue legal action without upfront costs but also contributes to rising insurance premiums by increasing the number and severity of claims. It extends litigation timelines and adds unpredictability for insurers. Consequently, industries such as auto and construction face higher commercial insurance costs, impacting small businesses' ability to manage expenses.
Bramnick is not only a state senator but also a former Assembly Republican Leader and seasoned public servant. As a practicing attorney, law firm founder, and former business law professor, he is recognized for advocating lower costs, safer communities, and balanced government policies.
