New Jersey
Auto Insurance
Requirements of Motorists under NJ State Law
Everyone has an opinion about insurance. Some people
believe it is a conspiracy to con hardworking people out
of money. You can not imagine how much you need insurance
until you something happens that you were not prepared
for.
Weather its a car accident, a flu, a fire,or a theft
these things happen all the time. You never know if or
when something might happen to you. Don't be caught off
guard by life's unpredictable events.
There are certain "requirements" that are applicable
to each state and varies accordingly. We have attempted
to compile all of the relevant information in to this
single resource to help visitors know what is expected
of them in regards to insurance.
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New
Jersey Car Insurance Requirements
Coverage Minimum - *15/30/5
Coverage Explanation - Car insurance
coverage in New Jersey must provide a minimum of $15,000
for injury liability for one person in an accident, $30,000
for all injuries in an accident, and $5,000 for property
damage in an accident.
*You may choose a Basic Policy (10/10/5) instead.
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Auto
Insurance
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Important New Jersey
Auto Insurance Laws!
1. Auto insurance is mandatory under New Jersey auto
insurance law.
Important to Note:
Not Carrying Insurance
If you do not have any liability coverage, under New
Jersey auto insurance law, you are responsible for paying
for the pain, suffering and other personal hardships and
some economic damages, such as lost wages, that you cause.
The insurer will not provide or pay for a lawyer to represent
you if you are sued. Your assets will be at risk, including
the risk of having money deducted from your wages if a
judgment is entered against you. And, if you lack coverage
and someone hits you, you cannot sue.
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Types of Insurance
The Automobile Insurance Cost Reduction Act mandated
that a basic policy be available to all drivers.
Basic Policy - This is a low-cost policy that provides
minimum benefits. It is not for everyone, but it could
be an option for those with few family responsibilities
and few real assets to protect. This type of policy can
provide a transition for younger drivers just starting
out by providing basic, minimum protection when they may
be least able to afford coverage.
Standard Policy - This policy provides more extensive
protection. It is necessary for those with assets to protect.
Read
our review on Lowering your Auto
Insurance
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