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No, uninsured motorist coverage is not required in New Jersey – it is optional. Drivers can choose to buy at least $15,000 in uninsured motorist bodily injury coverage per person (at least $30,000 per accident) as well as at least $5,000 in uninsured motorist property damage insurance per accident.
Additionally, drivers have the option to purchase at least $15,000 in underinsured motorist bodily injury coverage per person (at least $30,000 per accident), along with at least $5,000 in underinsured motorist property damage insurance per accident.
Uninsured/underinsured motorist coverage helps pay for a car accident if the at-fault driver doesn’t have enough insurance. Normally, the at-fault driver’s liability insurance pays for any property damage or injuries they caused. But if the other driver doesn’t have enough coverage, it can be time-consuming and difficult to sue them for funds to cover any bills. That’s where uninsured/underinsured motorist insurance can help save drivers time and money.
Even though New Jersey does not require uninsured/underinsured motorist coverage, it’s still a wise investment if you can afford it. In New Jersey, it’s estimated that 15% of drivers don’t have car insurance. This gives you a 1 in 7 chance that the other driver won’t have insurance if you get into an accident. Car accidents in New Jersey can be extremely expensive, too. For example, fatal accidents in New Jersey have a total cost of $798 million each year.
Key Facts About Uninsured Motorist Coverage in New Jersey:
- Minimum Uninsured Motorist Bodily Injury: at least $15,000 per person and at least $30,000 per accident
- Minimum Uninsured Motorist Property Damage: at least $5,000 per accident
- Minimum Underinsured Motorist Bodily Injury: at least $15,000 per person and at least $30,000 per accident
- Minimum Underinsured Motorist Property Damage: at least $5,000 per accident
- Uninsured Drivers on the Road: 15%
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