Edison Insurance Basics

Edison, New Jersey, is less than 30 miles from New York City, making it the perfect place for commuters. Many people flock to Edison to escape the hustle of the Big Apple for low crime, good schools, and plenty of recreational opportunities.

If you plan on living or driving in Edison, New Jersey, there's one thing you can't escape--buying insurance. But New Jersey insurance, both car and home, is some of the most expensive in the nation, consistently ranking in the top five. Luckily, you can save on your Edison insurance by knowing the basics, including what you do and don't need and how to find the best rates.

Edison Insurance for Autos
New Jersey operates under a tort system, meaning in an accident, fault is assigned and liability insurance is required. New Jersey minimum requirements for liability include:

  • Bodily Injury: $15,000 per person/$30,000 per accident. This means if you cause an accident, your insurance will cover medical, lost wages, and pain and suffering up to $15,000 per person or $30,000 per accident.
  • Property damage: $5,000. Quite simply, with state minimums your insurance will cover $5,000 worth of property damage you may cause from the accident.

Once the limits of your insurance are reached, any additional medical bills or litigation become your responsibility. These minimums also only cover the other vehicle's repair costs, not your own. More adequate coverage would include:

  • Higher liability limits. Limits of $100,000/300,000 for bodily injury and $50,000 for property damage won't add a great deal to your Edison insurance quotes and will ensure you are covered for even serious car accidents.
  • Comprehensive and collision coverage. This coverage protects your own vehicle. Comprehensive covers non-accident related damage such as vandalism or flooding, and collision covers damage to your vehicle in an accident.
  • Uninsured/underinsured. If you are hit by an uninsured driver or are involved in a hit and run accident, this coverage handles your medical and lost wages.
  • Edison Insurance for Homes
    Homeowners insurance can be confusing. Most homeowners opt for standard HO-3 coverage, which covers 16 different perils that include fire, smoke damage, theft, or damage from falling objects like trees. A few things you will need to keep in mind include:

    • Flood insurance is not included. Even if you don't live near a river or ocean, you could still be at risk for flooding after heavy rains or if your property has poor drainage. If you want your home insured against flood damage (which can be extensive even with an inch or two of water), you will have to purchase it separately through the National Flood Insurance Program.
    • Don't over-insure. Homeowners insurance covers your structure. Some people make the mistake of including the value of the land in with the value of their home when determining how much coverage to buy. This will unnecessarily increase your rates.

    Lowering Your Edison Insurance Quotes
    There are many ways you can save money on your Edison insurance quotes. Increasing your deductibles, taking advantage of discounts, and insuring your car and home together are all great ways to save money.

    Shopping around for different rates is also essential for finding the best prices on your insurance. Netquote.com makes this easier than ever--simply enter your information and estimated coverage and you'll have multiple quotes for free within minutes.