subject: What Are The Minimum Requirements For Car Insurance In New Jersey- Are They Sufficient? [print this page] What Are The Minimum Requirements For Car Insurance In New Jersey- Are They Sufficient?
The requirements for auto insurance can differ from state to state, which can make choosing an insurance plan a little difficult at times. Car insurance NJ (New Jersey) is no different, although it has only a few basic requirements. Listed below are the basic requirements, although in some cases this may not be sufficient.
The state of New Jersey requires several different kinds of insurance. One of these is Bodily Injury Liability Insurance; which is an insurance that covers for medical and hospital bills for anyone that is injured in an accident that is caused by you. The minimum required amount is $15,000 for each person; up to a total of $30,000 for a single accident. Also included is Property Damage Liability insurance, which will reimburse any third party in case of property damage, resulting from an auto accident in which you were at fault. The required amount is $5,000.
Personal Injury Protection insurance is the most important to have, as this will cover hospital bills for you and your passengers for up to $15,000 (minimum). Car Insurance NJ also requires Uninsured/Under-insured protection. This is in the case of an accident with someone who is either not insured or does not have sufficient coverage (in which he is at fault). In this case you will be reimbursed for all hospital bills and vehicle damage.
The question that is waiting to be asked is 'is this enough'. In most cases, this is sufficient protection; however, you will want to assess the matter based on a few factors. Trying to calculate the likelihood of an accident is not the best way; no one 'plans' on having an accident or being in a situation where an accident is unavoidable despite driving experience and safety precautions. If your vehicle is an expensive car, you may want to seek better coverage.
Another area in which you may want to be insured in is Lost Wages insurance. With this protection, you will be given reimbursement for any wages lost due to an involvement in an auto accident. In some cases you can also be provided with an alternate means of transport (car rental) while your car is in for repair. Something that is usually in most insurance plans is Acts of God insurance. This is usually covered by Comprehensive Insurance, although some plans do not include this. This plan offers protection against fire, animal damage, tree damage, hail and other unforeseeable natural disasters. Although insurance costs are on the rising, the fact of the matter is that it can save thousands of dollars by paying medical and repairing bills. Although the minimum required Car Insurance NJ is sufficient in most cases; you may want to consider looking into Comprehensive or other insurance plans.
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