The basic Car Insurance Requirements in New Jersey are as follows:

Liability Insurance is a minimum requirement and a low cost car insurance option as long as the vehicle is not financed.

The liability Minimums are 15/30/5 (Bodily Injury and Property Damage)
15/30/5 Explained:

The first 15 represents $15,000, the maximum coverage for one person's injuries, $30,000 for the total coverage for all injuries sustained in one incident and last but not least $5,000 for the property damage maximum coverage amount.

New Jersey Car Insurance Laws:
Insurance proof is a requirement at registration and of course after an accident. The First Offense penalty is a $300 - $1000 fine, community service, 1 year suspension of license .