I have an older car whose current market value is very low – do I really need to purchase NJ automobile insurance?
Most states have enacted compulsory insurance laws that require drivers to have at least some automobile liability insurance, Part A. These laws were enacted to ensure that victims of automobile accidents receive compensation when their losses are caused by the actions of another individual who was negligent. Except for the minimum liability auto insurance in NJ coverages that you may be required to purchase, many people with older cars decide not to purchase any of the physical damage coverages. It is often the case that the cost of repairing the damages to an older car is greater than its value. In these cases, your insurer will usually just “total” the car and give you a check for the car’s market value less the deductible. Many people forgo the Part D coverages because of the relatively low values of their automobiles.
Related Questions
- Auto FAQs Q: I have an older car whose current market value is very low - do I need to purchase automobile insurance?
- I have an older car whose current market value is very low - do I really need to purchase NJ automobile insurance?
- I have an older car and its current market value is very low - do I really need to purchase automobile insurance?
