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Auto Insurance

Understanding New Jersey Auto Insurance

Owning a car can be a significant investment for many individuals, so safeguarding it against unforeseen events is crucial. One effective way to achieve this is by acquiring an auto insurance policy. Auto insurance is a formal agreement between a policyholder and an insurance company. The policyholder pays a premium in exchange for the insurer’s commitment to cover losses outlined in the policy.

If you need an auto insurance policy, we’re here to help. Contact I & E Insurance Agency today to learn more.

What Is Auto Insurance?

Auto insurance is a type of insurance policy that provides financial protection for drivers in the event of an accident, theft or damage to their vehicle. Drivers and car owners can typically choose what protections they want to add to their policy. Please note New Jersey law requires drivers to carry minimum amounts of auto insurance.

So long as you pay your premium, the insurer agrees to provide protections as dictated by your auto policy for the duration of the policy’s term. If you experience a covered loss during the policy’s term, you can file a claim against the policy for financial assistance in paying for losses.

What Is Covered by Auto Insurance?

What is covered by your auto insurance policies depends upon the coverage you’ve chosen to add to your policy. While New Jersey or your lender may mandate some coverages, you may be able to tailor a policy to your specific needs. Standard auto insurance policies usually include the following:

  • Collision coverage can help cover the cost of damages if you are involved in a collision.
  • Liability coverage can help insure you against any damage you cause to a third party, including property damage and bodily injury.
  • Medical payments (MedPay) coverage can help you pay for the medical bills of you or your passengers if you are involved in an accident.
  • Personal injury protection (PIP) coverage is similar to MedPay in that it provides financial assistance for medical expenses resulting from injuries incurred by the driver and passengers within a vehicle, but it also provides coverage for lost wages and reasonable expenses.
  • Uninsured/underinsured motorist coverage can help you cover the cost of damages caused by someone who doesn’t have any liability coverage or doesn’t have adequate auto liability insurance.
  • Comprehensive coverage can help cover damages unrelated to a collision, such as theft, weather damage or vandalism.
  • Guaranteed asset protection (GAP) coverage covers the difference between the actual cash value of a vehicle and the outstanding balance on a loan or lease.

Work with an I & E Insurance Agency team member today to find out what other auto insurance coverage options may be right for you.

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