Bill > A4292

This bill raises the minimum amount of liability coverage for commercial motor vehicles and autocabs (taxis) in New Jersey. Specifically, it requires commercial motor vehicles to have at least $1.5 million in liability coverage, and commercial motor vehicles with a gross vehicle weight rating of 10,001 to 26,000 pounds to have at least $300,000 in liability coverage. The bill also increases the minimum liability coverage for personal automobile insurance policies over time, from $15,000/$30,000 to $35,000/$70,000 by 2026. The provisions of the bill apply to all automobile insurance policies initiated or renewed on or after the effective date, which is the first day of the sixth month following the date of enactment.

Business and Industry

https://www.njleg.state.nj.us/bill-search/2022/A4292