Best New Jersey Car Insurance Companies

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Here's what you need to know...
  • New Jersey residents are required to have specific types of auto insurance
  • Liability insurance is the least amount of coverage a New Jersey resident can purchase
  • This type of insurance is to cover both medical claims and property damage when involved in a collision with an uninsured party

Locating the best of anything can be challenging. Different people have different ideas about what is “the best”. Choosing a car insurance carrier in New Jersey is no exception.

There are numerous companies offering New Jersey auto insurance, and figuring out the best one for your needs requires some thought and due diligence.

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New Jersey Car Insurance Requirements

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There are three types of car insurance that the New Jersey car insurance laws require all motorists to carry liability, personal injury protection, and uninsured motorist insurance.

  • Liability – covers damage to other people’s property (such as their vehicle), in the event of an accident caused by you. Liability insurance in New Jersey does not cover medical expenses
  • Personal Injury Protection (PIP)  covers medical claims by you or another party involved in an accident. This is frequently called “no-fault” insurance as it covers medical expenses no matter who was responsible for the accident
  • Uninsured Motorist (UM) – covers both medical claims and property damage when involved in a collision with an uninsured party, or whose insurance is unable to cover all the claims resulting from the accident

In New Jersey, the basic minimum car insurance coverage is known as “15/30/5”. That means that every driver is required to have Personal Injury Protection (PIP) to cover up to $15,000 of medical protection per person, with a cap of $30,000 coverage per incident.

Drivers are also required to carry a minimum of $5,000 Liability Insurance.

No other insurance coverage is required in order to drive a vehicle in New Jersey. However, if your vehicle is being financed, your lender may require you to purchase comprehensive coverage and collision coverage exceeding the state required minimums for Liability, PIP, and UM.

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Saving on New Jersey Car Insurance

Oftentimes, it is advised to carry higher coverage even if you own your car outright. This is especially true if you own a home, have a savings account, or have other assets you wish to protect.

Lawsuits resulting from auto accidents can take your home, wipe out your bank account, or require any other assets you own to be handed over to the prevailing party.

If you have teenagers living with you who drive, you should be aware of the Graduate Driver Licensing (GDL) laws in New Jersey.

These laws institute regulations such as the Minimum Entry Age of 16, Extended Learner Period of at least 6 months, Parent Certification of 30 hours minimum, Night Restriction (optimal 9 or 10 PM), Passenger Restriction (only 1 non-family member), and Minimum Exit Age of 18.

Thanks to the Automobile Insurance Cost Reduction Act being implemented, it is now easier than ever to obtain affordable car insurance.

The adoption of this act has allowed many people in New Jersey to access basic auto insurance. The policy entitles you to personal protection from injuries amounting to $15,000 per person.

It also covers medical claims to as much as $250,000 per individual, covering any injuries or permanent bodily damage from involvement in an accident.

Though the Reduction Cost Insurance Act does not require liability protection from injuries in the basic coverage plan, it can be added as an option.

If the policy holder opts to include liability coverage for injuries, the rates will increase to the tune of $10,000 for each accident.

The basic coverage does not protect against uninsured motorist nor for the underinsured motorist; it is a very basic plan with no comprehensive coverage.

New Jersey Car Insurance Companies

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It is recommended to investigate any car insurance companies you are interested in by checking with insurance rating companies such as A.M Best, or Standard and Poor’s. These companies will provide a rating or grade for each carrier.

You should ideally only go with carriers that have an A, A+, or A++ rating. These ratings are vital indicators of companies’ ability to meet their financial commitments.

Carriers that offer auto insurance in New Jersey include the following:

  • AIG
  • GEICO
  • Liberty Mutual
  • Metropolitan
  • Progressive
  • SF Insurance
  • Unitrin
  • Chubb
  • Balboa

There are also online resources to research the carriers you are considering. This can yield insight into the companies’ customer service history. Major issues such as terrible customer satisfaction can then be factored into your choice of carrier.

Automobile insurance is mandatory in most states, including New Jersey. However, there is fierce competition between the various carriers, making it relatively easy to find an affordable option.

Keep in mind that cheap does not always mean poor quality. If you do your research carefully, you should be able to find the coverage you need for a good price.

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