Why is nj insurance premiums the highest in the nation
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Why is NJ insurance premiums the highest in the nation ? PowerPoint PPT Presentation


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Why is NJ insurance premiums the highest in the nation ?. Population, high car density, labor costs, lawsuits, car theft. How do insurance companies determine your premium ?. Type of coverage Amount of coverage Driving experience Type of car Where you live Where you drive

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Why is NJ insurance premiums the highest in the nation ?

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Why is nj insurance premiums the highest in the nation

Why is NJ insurance premiums the highest in the nation?

Population, high car density, labor costs, lawsuits, car theft


How do insurance companies determine your premium

How do insurance companies determine your premium?

  • Type of coverage

  • Amount of coverage

  • Driving experience

  • Type of car

  • Where you live

  • Where you drive

  • How much you drive

  • Your grades

  • Driver training

  • Driving record.


Why get insurance

Why get insurance?

  • To protect your assets

    Assets:

    Possessions (House, cars, boat, savings, stock, bonds….)


Appreciation depreciation

Appreciation/Depreciation

  • Appreciation: When the value of something goes up. (Houses and properties when the economy is strong)

  • Depreciation: When the value of something goes down. (Most cars)


Policy

Policy

  • The written agreement between you and the insurance company.


Premium

Premium:

  • the amount of money you pay the insurance company for coverage.


Liability split limits

Liability (split limits) :

  • pays for damages to others injured by you and property damage other than your own.

  • This type of insurance that is mandatory in New Jersey


Collision

Collision:

  • pays for damages to your own car that occurs due to an accident.


Deductible

Deductible:

  • You agree to pay a certain amount before the insurance company pays.

  • The higher the deductible the less you pay for the premium.

    This is part of your collision coverage or PIP.


Comprehensive

Comprehensive:

  • covers damages to your car due to vandalism, theft or “Act of God”.


Personal injury protection

Personal Injury Protection:

  • This will pay for medical expenses due to a single car accident or the person that hit you did not have enough coverage.


Income protection

Income Protection:

  • This will allow you to collect part of your salary if you are out of work for an extended period of time.


Uninsured motorist protection

Uninsured Motorist Protection:

  • This protects you if you are in an accident with someone who does not have insurance.


Surcharge

Surcharge:

  • These are additional charges to your insurance cost that you will receive for moving violations and accidents.

    • DUI / $1000 each year for 3 years

    • Refusal of Breath Test

    • Driving without insurance

    • Driving with a suspended license.


Split limits of liability

Split Limits of Liability

  • Example: 15/30/5

  • 15 (first #) Bodily injury per person up to $15,000

  • 30 (second #) Bodily injury per accident up to $30,000

  • 5 (third #) Property damage $5,000


Why is nj insurance premiums the highest in the nation

You are in an accident where you hit another car with 3 people in it. One person has medical bills of $20,000. The other two people have medical expenses of $8,000 and $2,000. The car had $4,000 worth of damage and you also hit a fence that cost $2,000 to replace.


Split limits 15 30 5

Split Limits 15/30/5

  • Policy Cost You

  • Most injured:

  • Other injuries:

  • Damage car:

  • Damage fence:

  • Total Paid:


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