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What is the Most Important Auto Insurance Coverage in NJ? - YouTube
Channel: Scura Law
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- I wanted to explain to you
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the most important auto insurance coverage
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that you should have that's the least
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explained, but the most important
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insurance in New Jersey.
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That insurance is uninsured
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and underinsured motorist coverage.
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Insurance agents do not explain
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this insurance fully, leaving you
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potentially in trouble
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with not enough insurance in cases
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involving serious injuries.
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State law in New Jersey requires
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that insurance companies offer
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uninsured and underinsured motorist
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coverage as an option, up to
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$250,000 for each person and $500,000
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in coverage for each accident
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for bodily injury.
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Insurance companies also have to offer
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a $500,000 single limit option for
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uninsured and underinsured
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motorist coverage.
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You can have these limits even increased
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further by purchasing an umbrella policy.
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Why have uninsured motorist coverage?
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Uninsured motorist coverage under
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your own insurance policy is for that
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situation when a person who has no
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insurance at all, causes an accident with you.
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If this occurs, you then pursue your
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own insurance company under your policy
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for the damage caused by that uninsured person.
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Uninsured motorist insurance also covers
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the situation of the hit and run driver
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where you were never able to identify
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the vehicle that hit you then then took off.
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It's the hit and run or phantom
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vehicle situation.
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In 2015, the Insurance Research Council
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reported that 13% of motorist carry
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no insurance at all.
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That means you have a one in eight chance
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of being hit by someone with no
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car insurance at all, thus if you
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only have minimum uninsured motorist
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coverage and are seriously injured,
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you and your family could be financially
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devastated because there is no money
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there to recover.
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The percentage of uninsured drivers
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has been on the rise also.
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In 2010, for example 12.3% of drivers
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had no insurance and that's going up.
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Why have underinsured motorist
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insurance coverage?
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Besides the problem of persons carrying
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no insurance, most drivers do not have
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sufficient liability coverage
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if they injure someone.
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Underinsured motorist insurance coverage
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is insurance that covers you when someone
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hits you that does not have enough insurance
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for the full amount of damage or injury caused.
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This insurance is so critical, because most
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drivers have very low liability
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coverage in New Jersey.
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Liability coverage on your own policy is
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important, but it does not protect you
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if someone without enough insurance hits you.
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If someone hits you with only a $15,000 policy
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in insurance and permanently injures you,
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this will not be enough clearly to take care
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of you and your family.
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If, however that same person hits you,
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under that example, and you have another
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$500,000 in underinsured motorist coverage
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to go after, at least you have that extra
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cushion of money to protect you and your family.
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All insurance companies in New Jersey have to
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offer as high as $500,000 in underinsured
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motorist coverage and there are
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ways to obtain more.
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Some insurance companies offer higher limits
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and you can also obtain higher limits
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on both underinsured motorist coverage
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and uninsured motorist coverage,
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by purchasing an umbrella policy.
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Remember, that your uninsured and underinsured
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motorist coverage cannot be higher
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than your liability coverage.
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Your liability coverage should also
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be high to cover the situation
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when you are at fault
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for the happening of an accident.
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Insurance is truly meant to protect those
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serious situations, so only carrying a minimal
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coverage makes no sense.
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Our office will review your car insurance
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declaration page for free,
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showing your coverages.
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I feel passionate about making sure you
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have enough insurance and that people
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out there aren't driving out there
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without this protection.
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If you have any questions about your
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car insurance, or are involved in an accident
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involving personal injury, please feel free
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to give our firm a call or email us.
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Thank you.
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