This bill proposes substantial increases to the minimum liability insurance coverage requirements for motor vehicles registered or principally garaged in New Jersey. The limits for bodily injury or death are raised from $15,000 to $100,000 for one person and from $30,000 to $200,000 for multiple persons in a single accident. Additionally, the property damage coverage limit is increased from $5,000 to $35,000. These adjustments apply to all standard automobile insurance policies, excluding basic or special insurance policies, ensuring that adequate coverage is provided for potential damages.

Moreover, the bill revises the personal injury protection (PIP) coverage by increasing the minimum medical expense benefits from $15,000 to $25,000, offering policyholders more flexibility in their coverage options. It also maintains the existing mandatory minimum of $250,000 for medically necessary treatment related to certain permanent or significant injuries, ensuring robust coverage for severe injuries remains unchanged. The new provisions will take effect four months after the bill's enactment and will apply to insurance policies entered into after that date.

Statutes affected:
Introduced: 17:28-1.1, 39:6A-3, 39:6B-1, 39:6A-4.3