UNDERSTANDING YOUR POLICY

Terms Insurance Companies Use:

There are two types of auto insurance policies available in New Jersey. They are referred to as BASIC and STANDARD. Both offer options as well.

Basic Policy - This is a low-cost policy that provides minimum benefits. It is not for everyone, but it could be an option for those with few family responsibilities and few real assets to protect. The Basic Policy can provide a transition for younger drivers just starting out by providing basic, minimum protection when they may be least able to afford coverage.

Standard Policy - This policy provides more extensive protection. It is necessary for those with assets to protect.

The following chart compares the differences between the BASIC and STANDARD policies:

Coverage Basic Policy Standard Policy
Bodily Injury Liability Coverage is not included
$10,000 coverage optional		 $15,000 per person, per accident
$30,000 for all persons
Higher limits are optional
Property Damage Liability $5,000 per accident $5,000 per accident;
higher limits are optional
Personal Injury Protection $15,000 per person,
per accident
Up to $250,000 for permanent or significant injury.		 $250,000 per person, per accident; lower limits are optional
Up to $250,000 for permanent or significant injury regardless of selected limit.
Uninsured/Underinsured Motorist Coverage None Coverage is available in amounts similar to liability coverage.
Collision Available as an option Available as an option
Comprehensive Available as an option Available as an option

Remember:

You are responsible for selecting the insurance coverage you want.

Remember Your Insurance ABC's: Check with your Agent, Broker or Company Representative if you have questions about your coverage options.

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