Commercial auto insurance rates decline as personal auto rates rise

Personal auto insurance rates and the rates for commercial auto insurance seem to be going in different directions.

The composite rate for property-casualty insurance in April declined 7 percent, the same rate of decline as in March, according to a report from MarketScout. MarketScout said rates for commercial auto insurance rates were down an average of 6 percent.

But it's a different story for those seeking quotes for auto insurance coverage for their personal vehicle.

New Jersey Insurance Commissioner Steven Goldman this week approved a 8.9 percent auto insurance rate increase for one of the state's largest insurers. The insurance company involved insures more than 300,000 drivers in the state.

New Jersey customers under this insurance carrier will pay an average of $100 to $150 a year more for coverage when they renew, according to a report from the Associated Press.

The company had sought a 15.4 percent increase, saying higher premiums are necessary to cover the ballooning cost of repairs, lawsuits and medical care.

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