Final answer:
In NJ, every vehicle must have "automobile" insurance, with rates varying by factors like safety ratings and driver's age. It's a continual expense beyond the car's payoff.
Step-by-step explanation:
In the state of New Jersey, every vehicle must be registered for automobile insurance. It is important to consider insurance rates before purchasing or leasing a vehicle, as they can vary based on multiple factors, including the vehicle's safety rating, the driver's history, the history of the vehicle, and the driver's age. Younger drivers, generally considered less experienced, might have to pay higher rates. Insurance is a crucial part of automobile ownership because it safeguards against the financial burden of accidents and damage to the vehicle. Even after a vehicle is paid off, the responsibility to maintain insurance coverage continues, with premium payments typically made monthly, quarterly, or biannually.