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Category Archives: New Jersey Insurance

New Jersey Car Insurance

All New Jersey drivers know the Auto insurance landscape in Garden State has drastically changed. Prior to 2009, New Jersey drivers were limited to very few choices when it cam to obtaining liability insurance for you car, truck or SUV. Because of the population areas in the northern part of the state and the coastal risks along its eastern border, insurance companies have very difficult time trying to post a positive underwriting profit. Further, the statutory limitation created by the New Jersey legislature in those days made it even more difficult to correct a carriers rate filing. Most people notice that all auto and homeowners insurance carriers have a different rate. The rates a carrier charges is based on an actuaries finite estimation of how many claims an insurance company will need to pay for in relation to the amount of insurance premium the carrier will collect from it’s customers annual and monthly. These actuaries are highly educated individuals and are very good at what they do. Under normal circumstances, a set of auto insurance or homeowners rates files with the New Jersey Department of Insurance will perform as planned. As I mentioned before New Jersey has 3 issues it must overcome.

Until January 1st 2009, most companies had a difficult time making a profit, because of the changes the New Jersey Department of Banking and Insurance put in place after that date – things have changed for the better. Regardless whether you are purchasing a new auto insurance policy or you are about to renew an existing policy; understanding the coverage required to meet the minimum coverage requirements of the state and what coverages you need to protect your assets are two very different things. And to choose the right coverage for your individual situation, you’ll need to consider a number of issues regarding not only the car you drive, but also when you drive, where you drive, and what additional and optional coverages you may need. Do you rent or own your own home? Do you have assets to protect? Will your own health insurance cover auto accident injuries? How much insurance coverage can you afford? If you have a bank loan on my car, do you need to carry Comprehensive and Collision? These are some of the questions you’ll need to discuss with a licensed insurance agent before making car insurance coverage choices.

In New Jersey:

  • All Insurance Agents, brokers and carriers must tell you about all the coverage options available when applying for a new auto insurance policy. In addition, as an auto insurance client, you have the right to ask the same information during the policy period.
  • You have the right to shop for auto insurance at any time during the policy period. If an agent states you can’t shop during the policy period, this in not the truth. Some Insurance agents may say this to hold on to you as an auto insurance customer. This is also true when your policy is up for renewal.
  • You have the right to change your coverages and policy limits at any time, even if you are not near your renewal date. If you select options that save you money, you have a right to a refund of your unused premium within 60 days.

New Jersey Counties

  • ATLANTIC, NJ
  • BERGEN, NJ
  • BURLINGTON, NJ
  • CAMDEN, NJ County
  • CAPE MAY, NJ
  • CUMBERLAND, NJ
  • ESSEX, NJ County
  • GLOUCESTER, NJ
  • HUDSON, NJ
  • HUNTERDON, NJ
  • MERCER, NJ
  • MIDDLESEX, NJ
  • MONMOUTH, NJ
  • MORRIS, NJ
  • OCEAN, NJ
  • PASSAIC, NJ
  • SALEM, NJ
  • SOMERSET, NJ
  • SUSSEX, NJ
  • UNION, NJ
  • WARREN, NJ

 

NJ Standard and Basic Policy Information

Main New Jersey Insurance Page Primary NJ Car Insurance Coverages NJ Standard and Basic Policy Information Additional Available NJ Coverages There are two common types of auto insurance policies in New Jersey.  They are referred to as Standard and BASIC.  Both offer options as well. ·STANDARD POLICY —The Standard Policy provides a number of coverage options… Continue Reading

Primary NJ Insurance Coverage

Main New Jersey Insurance Page Primary NJ Car Insurance Coverages NJ Standard and Basic Policy Information Additional Available NJ Coverages PERSONAL INJURY PROTECTION Otherwise known as “PIP,” this is your medical coverage for injuries you (and others) suffer in an auto accident. PIP pays if you or other persons covered under your policy are injured… Continue Reading

What are the Cheapest Cars to Buy and Insure?

What are the Cheapest Cars to Buy and Insure?

  Not all cars are created equal. There can be a very large cost difference between one car and another. If you are trying to buy  a new or used car that won’t break the bank on both the cost of the car and  auto insurance, there are some things you’ll need to consider. Used or pre-owned cars are obviously the number… Continue Reading

How to Prepare Your Teen Driver

How to Prepare Your Teen Driver

Teenage drivers account for a large amount of accidents on the road. Unfortunately, many result in serious injury. There have been many studies looking into the reasons for high rates of teen car accidents. One is that they are simply new to driving and unprepared for many situations. Another is that teenagers tend to be… Continue Reading

Congratulations on your new car and lawsuits!

Congratulations on your new car and lawsuits!

  Why do we buy auto insurance coverage for our cars and trucks? Some people buy it for many different reasons. Where most people buy an auto insurance policy to protect their vehicle investment and the property of others, others buy it because every state like Pennsylvania, New Jersey and Ohio requires its purchase for anyone driving their  registered car or truck on his… Continue Reading

Major Changes in the Insurance Landscape can Result in Major Savings

Major Changes in the Insurance Landscape can Result in Major Savings

Most drivers don’t realize that accidents, tickets, violations, DUI/DWI, and suspensions no longer play as much of a role in driving higher auto insurance rates as they once did. Over the last 15 years or so, there has been a drastic shift in auto insurance carrier appetites and the way all insurers view drivers and their… Continue Reading

Why Your Credit Rating Affects Your Ohio Auto Insurance Rates

Did you know a good driving record does not always guarantee you a good rate on auto insurance? It’s true. For some time now, insurance carries have adopted the practice of using an individual’s credit rating as a underwriting factor when it comes to writing and issuing an auto insurance and homeowners policies for their customers. Auto Insurance and Homeowners Carriers feel that credit is a strong predictor of present and future risk and therefore, persons who have a poor credit rating should be charged higher Auto and Homeowners Insurance rates – compared to persons with good a credit rating should be provided with a lower premium. Continue Reading

New Jersey Car Insurance Rates Are Really Low

Post Update August 4, 2012 – Over the last few months many of the “big box” New Jersey car insurance carriers have advertised all sorts of money-saving promotions. These promotions are merely temporary programs, “gimmicks” designed to urge you to buy their New Jersey Car Insurance Rates.  They want you to move your New Jersey car insurance… Continue Reading

Is Health Insurance Hiding Inside Your New Jersey Car Insurance?

Post Update July 26, 2012 – With today’s healthcare reform headlines, there are few who are not aware that literally millions of Americans can’t afford the rising cost of getting Health Insurance through a traditional health insurance carrier. But even if a person does not have traditional health insurance, most private passenger automobile owners with an… Continue Reading

Understanding Car Insurance Options

Understanding Car Insurance Options

Post Update July 24, 2012 –  Although most people make their auto insurance payments every month, many have truly no idea of what they are actually purchasing or exactly what they are actually paying to protect. Most think Car insurance pays to fix your car in case of an accident. That is correct as far as… Continue Reading