mbrcatz
 |
The numbers mean this:
First number - how much, in thousands of dollars, of bodily injury per person, for injuries you or your car cause to someone else.
Second number - how much, in thousands of dollars, of bodily injury PER ACCIDENT, no matter how many people are hurt.
Third number - how much, in thousands of dollars, for someone else's property (think car) that YOU DAMAGE.
Comments: This question is EXACTLY WHY you should have an agent. Otherwise, you're at the mercy of strangers on the internet to explain what's what, and we could be giving you a buncha wrong answers.
You do NOT legally need higher limits if the vehicle is owned by a company - but any contracts that company has, likely requires much, much higher limits.
Lastly - $5,000 doesn't go very far in a highway accident, so if you DO choose to carry those (pathetically insufficient) limits, be prepared to pay the difference between your policy limit, and the actual damages. And you WILL have to pay the difference. Being underinsured does NOT get you off the hook for damages you cause.
**In NJ, uninsured/underinsured motorist is a LIABILITY coverage only - it pays your medical bills if you are hit by someone with no insurance, or someone with less insurance than you have, if you're injured. IT WILL NOT COVER YOUR CAR. You need collision coverage to cover your car.** |
Jason S
 |
The limits correspond to the following:
$15k Per person injured in an accident
$30k Max for ALL people injured in one accident
$5k Max paid for property damage to the vehicles/property of others (Liability) or to your vehicle by a hit and run driver or and uninsured driver (UIM/UM)
Since this is the minimum limit required by the state, then there would be no additional requirement if it were a business vehicle. HOWEVER, I would HIGHLY recommend that you increase your limits.
Good luck to you! |
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