A Lawyer’s Guide to Automobile Insurance

On May 19, 1998, the State of New Jersey adopted the Automobile Insurance Cost Reduction Act. The statute was intended to reduce the cost of automobile insurance; however, that purpose was accomplished primarily by reducing the benefits available to persons who are injured in automobile accidents. This means less coverage to pay for medical treatment and less rights to recover monetary damages from careless drivers who cause accidents. This new law went into effect on March 23, 1999 and affects all policies purchased or renewed after this date. We strongly recommend that you elect the following coverage to properly protect yourself and your family.

Yes No Options Basic Policy (Absolutely Not)  Standard Policy  Liability Coverage (A minimum of $100,000 and more if you can afford the protection)  Uninsured Motorist Coverage (A minimum of $100,000 and more if you can afford the protection)  Underinsured Motorist Coverage (A minimum of $100,000 and more if you can afford the protection)  PIP Medical Expense Benefits ($250,000)  PIP Medical Expense Benefits (less than $250,000)  Pre-certification of Medical Treatment  No limitation on Lawsuit Option  Limitation on Lawsuit Option

WARNING: The Basic Policy provides no liability coverage if someone makes a claim against you and no uninsured motorist coverage if the careless driver who caused the accident had no insurance. If you are sued you will not have any insurance to pay a judgment against you, your insurance company will not assign a lawyer to represent you and you may lose your credit rating and your driver’s license. Never Buy a Basic Policy.

Also See: A Lawyer’s Guide to Buying Automobile Insurance In New Jersey.

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