Car insurance has been always required in the New Jersey. Whether you're buying new insurance policy or renewing the current policy, you must make the decision about what the coverage you need & how much you shall pay for New Jersey Auto Insurance. The following guides will outline how to make the choices that works for you.
You have to understand your needs. Do you own your own home? Do you ever asset to protect including the income from job? Will your health insurance covers auto accident injuries? How much insurance coverage could you afford? These're some questions that you should ask yourself before choosing specific coverage plan.
Use the guide to learn about word & phrase use in the auto policies. Knows many coverage option. Review some of the different benefit of the each options. As the New Jersey auto insurance consumer, you have all the rights. You have right to fair & equal treatments & you have right to get information you need to make inform decision.
Agent, broker & companies must inform you of your coverage option when applying for the new policy or at any time upon your request if you're already insured. You have right to know how each choice might affect what you pay & what your benefit would be in event of the accident. You always have right to ask about the additional option.
You could shop for the New Jersey Auto insurance at any time; not just when policy was up for the renewal & if you find better price, you could cancel your old policy & seek refund of your unused premiums.
You have right to change your coverage & policy limit at any time, even if you're not near to your renewal date. If you have select option that save you money - you have right to refund of your un-use premium within the 60 days. Insurance policies are uses the terms that might be very unfamiliar for the average driver. It was useful to understand about what those term mean so you could make a better more inform decision about coverage.
Your New Jersey Auto Insurance policy were divided into different coverage base on the type of the claim that shall be paid to you.
New Jersey Auto Insurance policy Coverage
PERSONAL INJURY PROTECTION — this was your medical coverage for the injuries you and others suffer in the auto accident. PIP pays if other persons covered under the policy were injured in the auto accidents. It was sometime called “no fault” coverage because that pays your own medical expense no matter who cause auto accident. PIP have two part — (1) coverage for cost of the treatment you receive from the hospital, doctor & other medical provider & any medical equipment that might be needed to treat your injuries & (2) reimbursement for the certain other expense you may have because you were hurt, such as the lost wages & need to hire someone for taking care of home or family.
LIABILITY of New Jersey Auto Insurance — The coverage pay other for the damage from the auto accident that you had cause. It pays for lawyer to defend you if you're sued for the damage that you cause.
There were two kind of the liability coverage: BODILY INJURY & PROPERTY DAMAGE.
BODILY INJURY LIABILITY COVERAGE — Pay for the claim & lawsuit by the people who were injured or die as result of auto accident you cause. It compensate others for pain, suffering & economic damage such as the lost wage. This coverage was typically given as the two separate dollar amount: (1) amount paid per the individual & (2) an amount paid for the total injuries to all the people injured in any accident that you cause. It can be purchase as a combined single limit which offer maximum limit of the protection per the accident of the bodily injury & property damage liability combine.
Pays for claims & lawsuit by people whose property was damaged as the result of an auto accident you cause. May also be purchase as the combined single limit with the bodily injury liability coverage. Pays you for the property damage or bodily injured if you're in auto accident cause by an uninsured motorist. Pays you for the property damage or the bodily injury if you're in an auto accident cause by the driver who was insured, but who had less coverage than your under insured motorist coverage.
COLLISION COVERAGE of New Jersey Auto Insurance — Pays for the damage to your vehicle as result of collision with the another car or the other objects.
COMPREHENSIVE COVERAGE of New Jersey Auto Insurance — Pays for the damage to your vehicles that was not a results of collision, such as the theft of car, vandalism, flooding, fire or broken wind shield. It shall pay if you collide with the animal.
There are 2 common type of the New Jersey auto insurance policies in the New Jersey. They
were referred to as the STANDARD & BASIC. Both offer option as well.
STANDARD POLICY — Standard Policy provide number of the different coverage option & the opportunity for buying additional protections. The Standard Policy were the type of the policy
chosen by the most New Jersey drivers.
BASIC POLICY — The Basic Policy are usually cost significantly less than the Standard Policy but provide limit benefit. It's not for the everybody, but it does provide the enough coverage
to meet minimum insurance requirement of the New Jersey law. The Basic Policy can be an option for those with the few family responsibilities & few asset to protect including income from the job.
LIMITS of New Jersey Auto Insurance — The maximum dollar amount of insurer shall pay the following an auto accidents. Limits vary with the each coverage within policy.
DEDUCTIBLES of New Jersey Auto Insurance — Payments you have to make before the insurer
pays. For the example, $750 deductible mean that you pay first $750 of each claim.
DEDUCTIBLE OPTION — In the addition to any saving you might realize from how much the coverage you buy, deductible provide saving opportunities. Cost saving could be achieve by
choosing the higher deductible. If you feel you need high level of PIP coverage but wanting to reduce premium, you could saves money by agree to pay so much more out of the pockets through the higher deductible if you're injure in auto accident. Your insurer shall pay medical bill over deductible amount you choose. No matter what the deductible you choose, there was also 20% co-payment for the medical expense between deductible select & $5,000. Which means you pay 20% & your
insurer pays 80 %.
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