Insurance information for New Jersey classic car drivers

Every state has its own legislation and regulations as per insurance, and car insurance is one of the areas in which these rules can vary the most.  New Jersey is no different in this respect.  In fact, New Jersey is known for having some fairly complex auto insurance regulations, which apply to both regular and classic vehicle drivers.

In New Jersey, there are two categories into which auto insurance liability coverage falls: basic, and standard.  Basic coverage provides dollar amounts for liabilities which only meet the state-defined minimum requirements: $10,000 for injury or death to more than one person, and $5000 for property damage.  Under basic coverage, there is no provision for liabilities incurred by bodily injuries to one person.

Standard coverage, which makes up the majority of policies used in New Jersey, has the following liability minimums: $15,000 for injury or death to one person; $30,000 for injury or death to more than one person; $15,000 for personal injury protection (a no-fault coverage for personal injuries); $15,000 for injury to uninsured or underinsured motorists; and $5000 for property damage.  Additionally, with plans which fall into the standard coverage category, you have the option of purchasing higher protections through your insurance provider.

Also, in New Jersey you are able to self-insure if you have over 25 vehicles registered in your name.  This may be an appropriate option for some types of business owners.

As in most states, New Jersey law requires that you have proof of insurance available when driving at all times.  The accepted forms to prove coverage are: an insurance ID card issued by a registered provider; or a certificate of self-insurance.  The penalties for driving without proof of insurance are: for a first offense, a $300 fine, community service, and a one-year licence suspension; for a second offense, a $500 fine, 14 days in prison, 30 days of community service, and a two-year suspension.

When it comes to classic car insurance, the parameters for “standard” plans generally apply in terms of liability minimums.  Classic car insurance is essentially no different under law in New Jersey.  However, it can differ with regard to the services and coverage available from insurers as well as the average amount for premiums.  By obtaining a specialized classic vehicle insurance policy, you can get liability coverages that extend far beyond everyday driving situations, reflecting the reality of classic car ownership.  These coverages can include: coverage for liabilities incurred at auto shows, including both damage and medical expenses; liability coverage for foreign tours; coverage for vehicles under restoration; and more.

Many of the well-known providers of specialty classic vehicle insurance offer policies that are available in New Jersey, as well as most other states.  While the state-legislated minimums do apply to classic car insurance, a good policy will provide coverage much more appropriately and broadly for your classic vehicle, and most likely at a significantly lower price point.

Posted: July 24th, 2009 under Classic Car Insurance.