Do You Have the Right Amount of Vehicle Insurance?
These days, it's tempting to reduce household costs where possible.
Whether you're getting a "good deal" on car insurance, though, depends on many factors. Often drivers won't understand the coverage they are purchasing or select the "best deal" even if it's not the best for their situation. The personal injury attorneys at Levinson Axelrod provide free insurance review sessions. They are not insurance experts or insurance salespeople, but they share their perspectives as attorneys experienced with personal injury insurance claims.
Here are some important educational points:
Know the types of insurance
- Liability insurance covers the damages you caused to other people in an at-fault accident.
- Uninsured and underinsured motorists coverage protects you from the actions of others, such as situations where the at-fault driver cannot be found or doesn't have insurance, or the at-fault driver's insurance doesn't cover all the damage.
- Collision covers the damage to your car, no matter who was at fault.
- Personal-injury protection covers your medical expenses in an accident no matter who was at fault. This type of insurance is offered because New Jersey is a no-fault state.
- Tort threshold refers to your ability to sue the at-fault party for non-financial losses, such as pain and suffering. Limitation on threshold generally doesn't allow you to sue for non-financial losses except in specific, serious situations. Meanwhile, no threshold means you are free to sue for non-financial losses.
Minimum coverage might not fit your needs
In general, New Jersey requires most drivers to have at least $35,000 in bodily injury liability insurance and $25,000 in property damage liability insurance. Other mandatory coverage includes income continuation benefits, loss of essential services benefits, and $10,000 in death benefits.
Those are just the minimums, and how much makes sense for you depends on your financial situation, household characteristics, your assets, the type of vehicles you own, and more.
If you're wondering if your insurance aligns with your needs, consider scheduling a free consultation with Levinson Axelrod at njlawyers.com or by calling (732) 702-3124.
