If you live in Jersey, your insurance will depend on a lot. (Age, Tickets, Bike type and size, Location, # of other vehicles insured) From what I remember NJ has one of the most complicated insurance systems. You can either be eligible for regular insurance or fall into the more expensive underwriter insurance pool. You probably will find yourself doing a lot of calling around. So whether you choose full coverage or liability only, make sure you have more than enough. According to research, State farm is the highest rated NJ motorcycle insurance provider with Geico and Progressive behind it.
Here is something to keep in mind;
The Real Cost of Motorcycling- Can you afford it?
Many of us have ridden many miles and spent much time riding some of the most exciting, interesting yet potentially dangerous roads in the country. So far the majority have made it back home safely each time. While twisty mountain roads are dangerous, the country and city streets are just as bad.
Anybody that has been in a car accident knows what damage can be caused to the vehicles and how much it costs to repair them. But do we truly realize how much it costs to repair the human body? How's does 3-10 times more than it is to fix or replace the average car sound? The cost of the average Ninja 250? $2300 or less. Even a simple broken leg from a 25 mph crash can cost up $100,000 dollars or more, depending on the severity of the injury, surgery, rehab, medication, hospital stay, Dr's visits, etc.
I sure some of those who read this will say, " That's what insurance is for." But what if insurance is not enough? What if the person who hits you does not have any? What if you become a victim of a hit and run? Is your level of insurance adequate enough to keep you and your family from financial ruin from hundreds of thousand dollars in medical bills? Hopefully this will not happen to you, but if it did- What is the Real Cost of Motorcycling and can you afford it?
All the time you'll read about other rider's insurance coverage, who they have and how little or how much their insurance costs them each year. Truth be told, their small savings in premium payments, could later be a big liability. Insurance is not there to protect other people you come in contact with, its there to protect you. Having enough can prevent the extra burden of massive bills that nobody can pay.
Why the Minimum State Insurance Requirements Won't Cover You
Although keeping up with the state minimum requirements are all that is needed to keep one legal in their state for insurance requirements, only purchasing the state minimum insurance requirements is usually not the best choice.
My state's (NC) minimum insurance requirements are 30/60/25. The first two numbers refer to bodily injury liability limits and the third number refers to the property damage liability limit. The first two numbers in 30/60/25 would mean in an accident each person injured would receive a maximum of up to 30,000 with only 60,000 allowed per accident (ex. 2 people needing 30,000, if the need is more such as 3 people needing 60,000 then whoever files first gets first access to the 60,000 limit and you may be sued for the rest if the accident was your fault!). The last number refers to the total coverage per accident for property damage which in this case would be 25,000.
It doesn't cost much more to raise your insurance limits and so I encourage you to call your insurance agent and raise your limits to at least 100/300/50 Liability & 100/300/50 Uninsured/Underinsured Motorist, even more if you can afford it, so if you ever find yourself in a situation like EthioKnight, you and your family will be OK financial wise. EthioKnight had minimum liability insurance, however he had changed his insurance the day before his accident to Full coverage, uninsured motorist, medical etc.
So what's the real cost of motorcycling? Let's just say it can be a lot.
The ultimate cost?- well that would be- your life