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New Jersey Auto Insurance

New Jersey auto insurance comes in two flavors - basic policies and standard policies. New Jersey carriers offer the basic package to those without familial responsibilities, or those with few assets. The standard auto insurance package is primarily for drivers requiring higher minimums of coverage.

New Jersey Coverage Regulations

With basic New Jersey auto insurance, drivers are required to carry bodily injury protection of $10,000. Also required for basic coverage are $10,000 worth of property damage coverage and $5,000 in personal injury protection (PIP).

The New Jersey standard auto insurance option requires more extensive coverage. With this option, drivers must have minimum liability limits of 15/30/5. That is, when involved in an accident, this coverage would pay $15,000 per person injured, $30,000 for all people injured, and $5,000 for any property damage. With the standard policy, New Jersey also requires a minimum personal injury protection in the amount of $5,000.

Optional coverage under standard auto insurance policies includes collision, comprehensive, uninsured motorist bodily injury protection, and uninsured motorist property damage coverage.

New Jersey Auto Insurance Rates

New Jersey has the highest rates in the nation for auto insurance coverage. A recent study showed that, on average, New Jersey drivers paid an astounding $1,188.42 per driver for coverage. The averages for individual coverage types include $709.08 for liability coverage, $438.68 for collision coverage, and $217.27 for comprehensive coverage. And the bad news doesn't stop there - rates have increased 20% in the last five years and still appear to be on the rise.

Insurance companies calculate New Jersey auto insurance rates in different ways. The most common practice is for companies to first calculate their cost to provide insurance to the whole state. They then create categories of drivers, and gather information from individuals to put them in a category of driver. For instance, New Jersey auto insurance providers may look at the driver's age, vehicle type, location, and driving record to determine individual rates.

New Jersey Auto Insurance Companies

Because New Jersey is so highly regulated with regard to auto insurance, many national providers no longer provide coverage to the state. However, there are still some good options out there and more and more companies are returning to New Jersey to do business over the last couple of years. Since auto insurance rates in New Jersey are so exorbitant, it is even more important to compare different rates to keep your costs as low as possible.

Get More Information on New Jersey Auto Insurance

New Jersey Department of Insurance
P. O. Box 325
Trenton, NJ 08625-0325
Phone: (800) 446-7467

For other New Jersey Insurance Resources, See:

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