Auto Insurance • Motorcycle Insurance • Boat Insurance
The Meredith Family Agency is here to help you find the right Vehicle Insurance coverage for you.
Auto Insurance and Motorcycle Insurance
Auto insurance provides protection in the event of an accident. Each policy is individualized to your needs.
If you choose “full coverage” auto insurance, this generally includes collision and comprehensive coverage to your vehicle. These coverages are considered first party coverages because they cover the insured party, which is you and your family. First party coverages will pay for damage caused to your auto, less your deductible if you choose to have one. Deductibles will lower your premium but it means you are responsible for that amount before the insurance will make any payments for the loss.
Comprehensive insurance covers damages from a loss other than a collision with another vehicle, pedestrian or object (except an animal). Examples of what are covered include theft, fire, vandalism, glass (like windshield) or hitting a deer.
Another first party coverage is PIP, or personal injury protection. New Jersey is a “No Fault” state, which means that no matter who is at fault for an accident, you will always go through your own auto policy for any medical bills you may incur. Also included in this coverage are lost wages and funeral expenses. This coverage is also customizable, and you have the option to use your health insurance as primary coverage. Choosing Health Insurance Primary (HIP) will reduce your premium significantly.
Third party coverage will protect you from another party making a claim against you for any property damages or bodily injury. This is referred to as liability coverage. If you are deemed not at fault for an accident, this coverage will not apply. If you are sued by a third party and you are at fault, your defense will be provided at no cost to you.
Remember, auto insurance is mandatory in New Jersey and there are stiff penalties for driving without insurance. Also, if you have any assets and choose not to have auto insurance, you risk having your assets taken away if you are at fault for an accident.
Motorcycle insurance works similarly to auto insurance and is also customizable. Your agent will be able to discuss your specific needs with you.
While boat insurance is not mandatory in New Jersey, the risk for not having it is significant. New Jersey has nearly 200 miles of coastline and over 300 lakes. With thousands of boats on these waters, it just makes sense to protect you, your family and your assets.
One very important thing to remember is that your homeowners’ policy only covers your boat while it is on your property. Once your boat enters the water, it is not covered. You need boat insurance to cover you for accidents which might occur on the water.
There are over a hundred accidents a year just in New Jersey and Boat insurance is inexpensive so it is well worth having.
Personal Umbrella Policy (PUP)
Another type of policy that can offer additional protection is the Personal Umbrella Policy or PUP. This policy will protect you in the event your auto or home policies are exhausted in a claim. For example, if you have $250,000 in liability coverage on your auto but you struck and killed a pedestrian, the estate of the deceased pedestrian may make a claim for $1,000,000. Your PUP will cover $750,000. If you have assets and especially own a business, PUPs are important.
Bundle Your Auto and Property Policies To Save Money
There are significant discounts for bundling auto and property.
It is also more convenient to have all policies with one agency.
The Meredith Family Agency can be that agency for you.