“U.S. Congress Learns of New Jersey's Auto Insurance Crisis”

Federal lawmakers today learned that New Jersey’s auto insurance crisis has impacted more than a quarter million people within the past three years alone, forcing drivers to search for auto insurance in a market bereft of auto insurers.
Testifying before the House Financial Services Capital Markets Subcommittee, Coalition for Auto Insurance Competition Vice Chairman John J. Marchioni explained that excessive regulation of the industry has lead to a shortage of insurance for consumers seeking coverage.
The Coalition for Auto Insurance Competition’s statewide public education campaign has informed citizens and lawmakers that years of politicizing and over regulating auto insurance has caused the exodus of auto insurers from New Jersey, leaving consumers with too few companies from which to purchase auto insurance. Five of the six largest auto insurers in the nation do not sell auto coverage in the state and more than twenty auto insurers fled New Jersey in the past decade. Nearly 40 auto insurers have withdrawn from New Jersey since 1976 and several more have announced plans to stop doing business in the state.

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New Jersey Car Insurance For Young Drivers

It is no secret that New Jersey has some of the highest insurance rates in the country. Even more troubling is the fact that insurance carriers are leaving the state and not renewing policies leaving automobile drivers in the dust. Though this may cost the average driver a fair sum, a new driver may soon need to take out a mortgage to pay new driver auto insurance premiums in New Jersey. If you are a first time driver or the parent of a first time driver read below. It may be the difference between driving and walking…

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New jersey Car Insurance Defined

Automobile or Car insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout most of the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits.

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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.

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