Auto Insurance New Jersey
Filed under: New Jersey auto insurance companies, New Jersey auto insurance quotes
Reader’s Question:
I’ m about to get my own car and I’m currently planning to get automobile insurance, too. I’m wondering how to go about this since I am still living with my family here at Jersey City and my brother would most likely borrow my car every once in a while. Do I need to insure him as well?
Gian
Jersey City, NJ
Hi Gian, it’s good that you are also thinking about the welfare of your brother, and it’s nice that you are open to sharing your car with him. Have you selected any insurance company yet there at Jersey City, NJ? It would be best if you do research first before signing any papers so that you know what you’re getting into.
First of all, you need to know that your brother also needs an auto insurance policy, especially if you’re expecting him to drive your car. Every driver has to be insured because part of a driver’s responsibility is its liability to others in case there’s a road mishap. You may also have to list all the possible drivers of vehicle, especially those to whom your car would be “regularly available.” This may include every member of your family who is of legal age, whether with a driver’s license or with a learner’s permit. This is mainly due to the fact that premium computations are based on different factors such as the number of drivers of your vehicle and their respective ages. However, if you are getting a comprehensive, third party property motor vehicle insurance, there is no need to list the drivers who have learner’s permits as that data wouldn’t be necessary.
New Jersey Auto Insurance Requirements
Reader’s Question:
My vehicle was stolen and the auto insurance paid the actual value of the vehicle. Last week I got a report that it was recovered. Will the insurance company in Jersey City, New Jersey take back the amount they paid, or they will assume possession of the vehicle?
Robert
Jersey City, NJ
Insurance carrier’s guidelines and insurance policy terms in Jersey City, NJ differ normally if your car insurance claim for the stolen car was finalized before the car is recovered then you would keep the settlement for the ACV of the vehicle and the insurance carrier would take possession of the car.
As part of the settlement process usually you sign over your title of the stolen car to the insurance carrier so that in the event the vehicle is recovered by police officer they will then be able to take possession of the vehicle and sell it at an auction, to recoup the monies they paid out to you for the settlement of your car comprehensive claim.
If the vehicle is not badly damaged and you wish to have it back then you could speak with your insurance carrier’s claim department or car insurance adjuster if it is possible to buy back the car from them for salvage value. Always remember that usually the vehicle would have to have a branded title of salvage since it was totaled out from being stolen.
You can ask your car insurance agent or insurance claims adjuster more information about your situation and also get consumer advice from your state’s insurance regulatory body.
