This bill mandates that automobile insurance policies in New Jersey must provide uninsured and underinsured motorist coverage that is equal to the liability limits of the insured's motor vehicle liability policy. Specifically, it amends existing law to ensure that the limits for uninsured and underinsured motorist coverage for bodily injury, death, and property damage are aligned with the policy limits of the motor vehicle liability insurance. The bill eliminates previous specific limit amounts and instead establishes that these coverage limits must match the insured's liability policy limits.

Additionally, the bill stipulates that rates for uninsured and underinsured motorist coverage must be uniform statewide, regardless of classification or territory. It also clarifies that coverage cannot be increased by stacking limits from multiple vehicles or policies. The changes aim to enhance protection for policyholders by ensuring they have adequate coverage in the event of accidents involving uninsured or underinsured motorists. The act will take effect 90 days after enactment and will apply to plans issued or renewed thereafter.

Statutes affected:
Introduced: 17:28-1.1