New Jersey: One of Most Expensive States for Car Insurance
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Ron Trumbo
Car Insurance Editor |
New Jersey is one of the hardest states for drivers to find cheap auto insurance. In New Jersey there are two types of auto insurance policies—Standard Auto Insurance and Basic Auto Insurance. The most purchased auto insurance in the state is the standard auto insurance policy, which includes: Bodily Injury Liability — can be as low as $15,000 per person, $30,000 per accident, Property Damage Liability — can be as low as $5,000 per accident, Personal Injury Protection (PIP) — can be as low as $15,000 per person or accident.
New Jersey Insurance Score
Some auto insurance companies in New Jersey are now using your insurance score as one of the various factors to evaluate risks and assign rates. An insurer may use your insurance score, based on information contained in your consumer credit reports, in conjunction with your motor vehicle records, loss reports and application information to determine your insurance risk at a particular point in time.
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Nationally, the cost of the average dog bite to a home insurance policy is $21,200, accounting for about 4% of homeowners claims or 15% of homeowners liability claims. Homeowners are financially liable for dog bites. Most homeowners and renters policies provide $100,000 to $300,000 in coverage for liability claims.
Do you know if your New Jersey home insurance policy will replace your house should you ever have a homeowners claim on your entire structure? This depends on whether your policy is a replacement cost value policy or an actual cash value policy. If you only shop by comparing prices only and not by comparing coverage, you are doing yourself a disservice. Your home is one of the most important purchases you will make.
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