Car Insurance Companies In New Jersey
Every good American citizen knows that car insurance is a mandatory law, but more and more individuals try to get by without actually purchasing the insurance they are required to buy. Although this happens in every single state throughout the US, it is more prevalent in the states that have higher insurance premiums and more regulatory laws regarding which types of insurance are necessary. Ones of these states, New Jersey, has a high number of individuals who try to get by without insurance. After taking a few minutes to read this article, you will understand that it is possible to find car insurance companies in New Jersey that offer affordable auto insurance plans.
Car Insurance Companies in New Jersey: Current Statutes
Currently, New Jersey is one of the few states that has a no-fault policy. This type of policy requires each individual to take care of the costs of the accident, up to a certain amount of money or damage. Once these limits are reached, the accident is eligible for court. As a result of these no-fault policies, New Jersey has made it a requirement for each individual to have a personal insurance policy that will cover them in case of such an accident. This policy is called Personal Injury Protection, or PIP, and covers the medical costs of the individual driver and his passengers as well as any wage loss or funeral expense. In addition to PIP, New Jersey drivers are also required to have liability coverage to help cover the cost of the other car and its occupants. This coverage is used when you are at fault, so that the other driver does not have to cover everything himself. The current minimum for this liability policy is 15/30/5, with $15,000 being the maximum that your insurance company will cover for an individual in the other car up to $30,000 for several individuals in the other car. The $5,000 is to cover the expenses of car damage or property damage. Finally, each driver is required to have Uninsured Motorist protection so that you are covered when an uninsured or underinsured individual is at fault for an accident. This protection allows clients to rest, knowing that car insurance companies in New Jersey will cover every part of the accident.
Car Insurance Companies in New Jersey: Current Savings
One possible method that New Jersey has offered to its occupants to decrease the costs of auto insurance is a special protection plan. This plan is available to individuals who are enrolled in Medicaid. At the price of $1 a day, you can have automobile insurance. For more information, please go to the New Jersey Commissioner website. There, you can see questions that other individuals have asked and see what possibilities are available.
Car Insurance Companies in New Jersey: Current Status
New Jersey is one of the states with the highest premiums per year. With the national average at about $1800, New Jersey is almost $500 above that on a regular basis. Although there are some individuals who have chosen to purchase cheaper or more expensive insurance, this is the expected price. Part of this is due to the fact that New York is right next door and many individuals traffic through New Jersey to get to New York, causing a large influx of visitors on a regular basis. Also, there are more cars per capita than that of New York City. This would be fine if New Jersey were the size of Michigan, but it’s not. Another major factor in the insurance costs of New Jersey is that prices between counties fluctuates drastically. These costs continue to rise, increasing by as much as 12% between 2008 and 2009.
Either way, if you are a citizen of New Jersey, you need car insurance and need to consider various car insurance companies in New Jersey. For a free quote, please enter your zip code at the top of this page.