What is New Jersey Minimum liability standard and what does each figure stand for?

Question

I have no idea and I really need to know. Thanks so much.

Answer 1

I found that NJ has "15/30/5" minimum liability limits, which means there would be $15k of bodily injury coverage for ea person you cause injury to in an accident for a max of $30k per accident. There's also $5k of property damage coverage which coverage repairs to the other party's vehicle... seems very low.

Answer 2

The minimum in NJ is $15,000 per person bodily injury/$30,000 per accident bodily injury & $5,000 property damage.

NJ is a PIP state, meaning the medical comes from your own PIP coverage, not the other party's liability.  The bodily injury liability is for injury to others (pain & suffering) NOT their medical bills, doesn't work that way there.

This coverage is extremely low.  Hit one newer car & you are out the difference of the $5,000 & what it costs to repair or the actual cash value, cause a multivehicle crash & you can be out many thousands of dollars for all of those vehicles plus all of the injury lawsuits you will end up with.  Insurance companies in NJ can & WILL attach your wages, seize your assets & put liens against your home, not worth the little bit of money minimum limits save you.

Remember, uninsured motorists coverage has to match the liability limit, so, if an uninsured or underinsured motorist causes an accident that seriously injures you, the most you would ever collect is $15,000.  How far does that get you if you are in a wheelchair for the rest of your life????

It costs very little to increase coverage, so INCREASE it.

Answer 3

The minimum is 15,000/30,000 for bodily injury and 5000 for property damage.

This means if you cause an accident the insurance company will pay up to $15,000 for medical bills for each person you injure until they've paid out a total of $30,000. They will pay up to $5000 for the damage you cause to another vehicle or other property.

With the high cost of medical bills and auto repair this is woefully inadequate. Even a minor collision can damage the frame of a car which could result in that car being totaled. If you hit a $50,000 car they would sue you for the other $45,000.