NJ Car Insurance Quotes
Reader’s Question:
What is the required NJ vehicle insurance?
Brent
Newark, NJ
NJ vehicle insurance is a little unique in the sense that the coverage limits aren’t specifically set. The insurance regulator for this state known as New Jersey Department of Banking and Insurance (DOBI) established a basic policy available for all resident drivers. This basic policy is the result of the Automobile Insurance Cost Reduction Act which hopes to make the inescapable burden of NJ vehicle insurance a little lighter. The DOBI in fact recommends the basic policy to drivers with little family responsibility or personal assets. It’s an affordable alternative that takes into account the reality that not all drivers have the same vehicle insurance needs. There are three requirements for NJ vehicle insurance. All resident drivers must have liability for bodily injury and property damage, Personal Injury Protection, and Uninsured/Underinsured Motorist. The NJ vehicle insurance basic policy however doesn’t actually include all these state requirements. Bodily Injury Liability for example is simply an available option with a $10,000 coverage limit for all persons per accident. Property damage liability however is included with a limit of $5,000 per accident. Personal Injury Protection is also included in the basic policy with $15,000 coverage per person and this can go up to $250,000 for more serious or permanent injuries. Uninsured/Underinsured Motorist coverage despite being a requirement is not included in the basic policy. There are standard NJ vehicle insurance policies however that offer this with a coverage limit similar to what was set in your liability coverage.
Loading ...