Residents of the eastern seaboard will be pleased to hear that 21st Century Centennial Insurance company is offering lower car insurance rates in New Jersey.

The insurer announced today that it has lowered its overall rates in the Garden State by twenty percent, retroactively effective as of May 10, 2010.

This rate reduction makes 21st Century one of a small set of car insurers to reduce their rates in the past year, while many larger automobile insurance companies writing policies in New Jersey increased rates. On average, new customers will save $568/year thanks to this reduction, though actual premiums are based on a variety of factors.

In a statemet to the press, Tony DeSantis, CEO of 21st Century Insurance said, “This rate decrease allows new 21st Century customers to get more value for their auto insurance. Consumers expect more today, and now customers in New Jersey will benefit from receiving the same great coverage for less.”

Also today, 21st Century announced a 9.5% overall reduction of rates for new customers in Illinois.