subject: Information on New Jersey Insurance [print this page] Information on New Jersey Insurance
You are required to carry proof of automobile insurance if you are a resident of New Jersey. Many drivers look merely at the cost when buying insurance, but there are a lot of other things you should be aware of to make sure you have adequate coverage. If you are in an accident and it's your fault, then you will have a questionable future financially if you don't have enough insurance. If you are nearly ready to renew, or buying a new car, take a look at what you carry now and check out what your deductibles and limitations are with your agent.
If you take a look at your policy, you will know what you can expect if something unfortunate happens.
You must also have a New Jersey tort policy if you live in New Jersey and have a driver's license. Tort options refer to an insured person's right to get damages from the other driver in case they are hurt in an accident. You can pick between full tort coverage or limited tort plans. If you pick the limited, this means you have a very limited right to get those damages, but the premiums are less expensive. You may not be able to get much in the way of financial compensation if you are in an accident. You cannot recover for such incidentals as pain and suffering and other damages that are non-monetary.
A full tort is just that, it is unrestricted and allows you to receive money for all your medical and other related expenses and pain and suffering in addition to that. The premiums are costlier, but this is a great benefit to you if you are injured by someone in an accident. It is necessary to carry at least one of these, but it is your choice which one to pick.
Other coverage that is required is liability insurance that has two parts: Property Damages and Bodily Injuries. Bodily Injury will cover the people in the other car if they are in an accident with you, and you are at-fault. The limits of coverage may vary, so you should really carry a higher limit in order to keep yourself out of unneeded lawsuits. Property Damage pays for repair or replacement value of a car or other items you might have damaged. This is on an individual accident basis for the limits.
Residents of New Jersey have to carry other types of insurance that people in other states are not required to do so. But, because of the heavier coverage you have, you can rest easy knowing that you will be paid for any damages from either a no-fault or an at-fault accident. Take a look at your options in your policy and your limits and make sure you are fully covered and that the payments are affordable as well.
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