Pennsylvania life insurance company
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Pennsylvania Life Insurance Company
Navigating Auto Insurance in New Jersey
Driving without insurance in New Jersey is illegal. If you're caught, you could face hefty fines, suspension of your driver's license, and even jail time. Whether you're a resident or just visiting, understanding the basics of car insurance is crucial. If you're planning a trip to the Garden State, here's what you need to know.
Key Points About New Jersey Auto Insurance
Since 1998, New Jersey law mandates that drivers have at least a basic insurance policy. The state has some of the highest insurance costs due to its no-fault policy, which ensures that your insurance company covers medical expenses, lost wages, and property damage, regardless of who caused the accident.
The basic policy includes $5,000 for property damage and $15,000 for medical expenses for any claimants. However, if you hit an uninsured driver or someone with less coverage, your insurance won't cover those costs.
Auto insurance in New Jersey can vary significantly in both price and coverage. Before obtaining car insurance quotes, consider the following:
1. Assess Your Needs
Consider all assets you need to protect, such as your home. Check if your life insurance policy covers accident-related injuries or if you need additional coverage. Determine how much coverage you can afford since you'll be paying monthly premiums.
2. Explore Your Options
Familiarize yourself with common insurance terminology. If any terms are unclear, ask your agent or research them online. This understanding will help you compare policies confidently.
3. Know Your Consumer Protections
Consumers have rights including fair treatment and access to information for informed decision-making. Understand the benefits of different policies and inquire about additional options.
If you're denied coverage, the insurance company must provide a reason, as New Jersey specifies valid grounds for ineligibility. Remember, you can change or cancel your policy at any time. If you find a better deal, cancel your old policy for a refund on unused premiums.
4. Understand Your Responsibilities
With rights come responsibilities. As a New Jersey driver, ensure premiums are paid on time and adhere to all traffic laws to maintain your insurance coverage.
By keeping these points in mind, you can navigate the complexities of New Jersey auto insurance more effectively.
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