Most New Jersey drivers do not have nearly enough Uninsured (UM) and Underinsured (UIM) coverage. These coverages are for the injuries you or your family suffer when injured in a car crash caused by a driver with no insurance (UM) or a minimal amount of coverage (UIM).
You may buy UM and UIM coverage up to the limit of your liability coverage. We strongly recommend everyone carrying at least $500,000 UM/UIM single limit coverage (not split limit coverage), or as much as your insurance company will allow, to protect yourself and your loved ones should you ever be involved in a serious auto crash. The small additional premium is a very wise investment.
Also, consider umbrella coverage with much higher UM/UIM coverages available from some insurance companies.
Your choice of PIP coverage is also important. Make sure you DO NOT reduce the standard $250,000 medical coverage and make sure PIP is primary, not secondary coverage. Basic PIP comes with a wage loss benefit of $100 a week. Most of you earn more than that, so you must elect the option that matches your salary. The most you can get is $700 per week for 52 weeks or as long as the disability persists.
Finally, even though it’s expensive, please consider not choosing the “limitation on lawsuit” option.
We suggest you contact your insurance company promptly to make these changes.
Always feel free to call us at 800.FYI.2700 if you need help navigating these sometimes confusing choices. The consultation is free. We’re here for you, if you or your loved ones are ever involved in a serious car, bus, or truck crash.