Do You Have Sufficient Car Insurance Policy In New Jersey?
Reader’s Question:
Up until now I have never really paid attention about car insurance, not until a friend got involved in a car accident here in Camden, New Jersey and found out that she doesn’t have full coverage, how do I know that I have a good car insurance policy?
Valerie
Camden, NJ
For some people, it would take the harsh reality of being involved (worse, at-fault) in a car accident, and realizing they have not been carrying adequate auto insurance to cover for all the damages caused, before seriously taking and paying attention on their insurance policies. You don’t have to be like that though. Knowing very well the scopes and limitations of your insurance policy you have there in Camden, New Jersey will be to your advantage.
Minimum Liability Coverage
Make sure you have at least the minimum state required liability coverage amount. Liability insurance, if you didn’t know, pays for any financial obligations you may be required to pay injured people or to repair/ replace damaged property in the event you caused a car accident.
For New Jersey, the minimum coverage amounts would be 15/30/5 which means a total of $15,000 payable to the injured person per accident, total of $30,000 payable to all parties injured in the car crash and $5,000 to pay for property damages. We would encourage you to get higher since you can be sued for bigger amounts in a car crash.
You should also know if you can afford to pay the agreed upon deductible if you do file a claim. You would want to grab your copy of the insurance policy and make sure you understand the fine print. Doing so will already tell you if your insurance policy is good enough.
Comments are closed.