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New Jersey has two different insurance markets. One is the regular market (also called the voluntary market,) and the other is the residual market (also called the assigned risk market.)
When a person has 7 or more insurance eligibility points accumulated in a 3 year period, that driver may not be considered eligible to get car insurance in the voluntary market. That person may have to buy auto insurance through the Personal Automobile Insurance Plan (PAIP.) Information about PAIP can be found on the NJ state website.
But, if a person has fewer than 7 insurance eligibility points during the prior 3 years, that person can purchase auto insurance in the voluntary market.
As a note, these points are not the same as the points on your driver's record. Insurance points are things like: insurance companies give a new driver 3 points because the driver is not an experienced operator.
In spite of the fact that New Jersey law requires drivers to be insured, there are large numbers of people who are driving uninsured. Should you ever be in an accident with an uninsured driver, you might find that you cannot collect damages.
To help prevent that scenario from happening to you, you should consider protecting yourself by having Uninsured & Underinsured Motorist coverage on your insurance policy. That would allow you to make a claim through your own insurance company if the other person was uninsured or underinsured.
There are two common types of insurance policies in the state of New Jersey - Standard and Basic.
The Standard policy in New Jersey has many different options. As well, you are allowed to buy additional protection. Most drivers in New Jersey choose to buy a Standard insurance policy.
The Basic policy in New Jersey is much less expensive, but it doesn't provide nearly the benefits that a Standard policy does. However, it does provide a sufficient amount of coverage to satisfy the law in New Jersey.
If you are a person who has assets that you need to protect, or you have family responsibilities for which you need to provide, that would probably prevent you from choosing the Basic policy.
(1) Lower your annual mileage.
(2) Don't buy a car that thieves like to steal.
(3) Remove all risky drivers from your coverage.
(4) Take a defensive driving course.
(5) Increase deductibles
(6) Pay premium quarterly, semi-annually, or annually.
(7) Add safety features, i.e. an alarm system or steering wheel lock.
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