Bill > S2293

This bill mandates that all automobile insurance policies in New Jersey, except for basic policies, must provide uninsured and underinsured motorist coverage that matches the policy's liability limits for bodily injury, death, and property damage. Currently, policyholders can opt for lower uninsured and underinsured motorist coverage amounts than their liability coverage, but this bill eliminates that option, ensuring that individuals are better protected in cases where the at-fault driver has no insurance (uninsured) or insufficient insurance (underinsured) to cover the damages. The bill defines "underinsured motorist coverage" as protection when the at-fault party's insurance is less than the insured's underinsured motorist coverage limits, and "uninsured motor vehicle" broadly includes vehicles with no applicable insurance, those whose insurers deny coverage or are insolvent, hit-and-run vehicles, and certain other specific exclusions. This change will take effect 90 days after enactment and apply to policies issued or renewed on or after that date.

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https://www.njleg.state.nj.us/bill-search/2024/S2293