| Everyone who drives a motor vehicle on a public | | | | and that you buy considerably more than the |
| roadway in New Jersey must purchase - at a | | | | state-required minimum for Liability, PIP and Uninsured |
| minimum - three types of automobile insurance. | | | | Motorist. |
| All New Jersey drivers must have: | | | | Even if you own your car outright and are not required |
| 1.Liability Insurance: This insurance covers damage to | | | | to purchase anything more than the bare state |
| other people's property, including vehicles, if you are in | | | | minimum for insurance you may very well choose to |
| an accident. In New Jersey, Liability insurance does not | | | | carry higher coverage. This is especially true for |
| cover medical expenses. | | | | anyone who owns a home, has a savings account, or |
| 2.Personal Injury Protection (PIP) Insurance: This is the | | | | for anyone who has any other assets that they wish |
| insurance that pays for medical claims by you or by | | | | to protect. |
| anyone else involved in an accident that involves your | | | | Just one accident-spawned lawsuit could see your |
| vehicle. In New Jersey this is sometimes referred to as | | | | home taken from you, your bank account wiped out, |
| No-Fault insurance since this portion of your insurance | | | | and any and all other assets that you own turned over |
| pays for medical expenses regardless of whose fault | | | | to the prevailing party. In other words, if you don't have |
| the accident is eventually deemed to be. | | | | sufficient automobile insurance coverage you could |
| 3.Uninsured Motorist (UM) Insurance: This insurance | | | | lose everything in an accident. |
| pays for both medical claims as well as property | | | | Once you (or your lender) have decided on the |
| damage if you are involved in an accident with | | | | amount of your full coverage insurance then it is time |
| someone who does not have any insurance or who | | | | for you to go online and find at least 3 of the dozens |
| does not have sufficient insurance to cover the claims | | | | of websites that will let you quickly and easily find out |
| resulting from an accident. | | | | how much your policy will cost from different |
| The basic minimum coverage in New Jersey is what is | | | | insurance companies. You will find that there can be a |
| known as 15/30/5. What this means is that you are | | | | considerable difference in price from one company to |
| required to have Personal Injury Protection Insurance | | | | another. |
| (PIP) that covers up to $15,000 of medical protection | | | | Don't get lazy and just compare prices on one |
| per individual with a cap of $30,000 of medical | | | | website. No website compares prices from all the |
| coverage per accident. You are also required to carry | | | | different insurance companies, so if you want to insure |
| $5,000 of Liability Insurance to cover any property | | | | that you are seeing the widest range of prices |
| (including vehicles) that you might damage in an | | | | possible you will need to make your comparisons on at |
| accident. | | | | least 3 different websites. |
| Under New Jersey state law you are not required to | | | | But once you've done that then all you need to do is to |
| have any other coverage in order to drive a vehicle. | | | | choose the lowest price and you're done. You now |
| However, if your car is being financed then your lender | | | | know what to look for in a full coverage car insurance |
| may very well require that you also purchase | | | | quote in New Jersey and you know how to find the |
| comprehensive coverage as well as collision coverage | | | | best price for your coverage. |