If you get this policy, you will become one of the Underinsured Motorists on the road who are the reason we buy that UM coverage. CH"V any accident occurs that's bigger than a fender bender and the costs will be over the policy limits. Which means that you are personally on the hook for the excess. You might not care about this. Also, if you are poor then it might not actually cost anything even in the worst case. But them's the facts at least.
Medical coverage for accidents is a little scary. If your health insurance policy excludes coverage of motor vehicle related medical needs, that means they will deny any medical bills that are in any way related to an injury from a vehicle. Health insurance companies are all-stars at denying claims, so there's no telling how broadly they will interpret their own exclusions. Your choices are either buy coverage from your car insurance provider or you're accepting the risk on yourself.
Limited tort is a thing NJ introduced a while back that means you agree not to sue excessively even if you have a valid claim (like for pain and suffering). If you don't agree to it (and choose unlimited tort) your premiums will be breathtakingly higher.
Thanks for taking the time to write this. I ended up getting a different policy so if we crash we should be fine
Honestly I don't think a $25k limit is that risky. Unless you get into a multicar crash I'm going to guess it should cover most cars if not two.
About the medical insurance thing I still don't understand this at all. If they want to cover health related things why in the world is getting into a crash different than getting injured from playing basketball?
Tort. Why does my insurance company care if I sue someone else?
You probably went overkill on the property damage, but everything else is nice and reasonable. A bit surprising that you elected Comprehensive and Towing after saying you don't care about your car, but at ~$5/mo it's no big deal.
The insurance agent I used didn't deal with anything lower than $100k so I didn't bother. Comprehensive- I figured it's worth it if the windshield breaks. (Does a comprehensive claim raise rates?)
The only thing I'm worried about is that the car won't last for a year
if I cancel insurance is that considered a lapse even if I give in my plates?