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Senate Commerce Committee Statement to Senate, No. 481 (June 20, 2022)

Summary

This is a Senate Commerce Committee statement to the New Jersey Senate on Senate Bill No. 481, dated June 20, 2022. The committee reports the bill favorably. The bill requires automobile insurance policies to provide certain minimum amounts of liability, uninsured motorist, and underinsured motorist coverage. Under the bill, the minimum uninsured and underinsured motorist coverage under a standard policy is raised to $50,000 for an accident injuring or killing one person and $100,000 for more than one person. A standard policy must also provide liability coverage of at least $50,000 for one person, $100,000 for more than one person, and $25,000 for property damage in any one accident.

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“Senate Commerce Committee Statement to Senate, No. 481 (June 20, 2022).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2022-06-20-scm-s481-s1-f7243ba401/, SHA-256 da214260dae4295546a008c86e0ce9bceef425fb22d996e9e11276f035ecd063.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 481

 STATE OF NEW JERSEY
                      DATED: JUNE 20, 2022

   The Senate Commerce Committee reports favorably Senate Bill
No. 481.
   This bill requires automobile insurance policies to provide
certain minimum amounts of liability, uninsured motorist, and
underinsured motorist coverage.
   Under this bill, the minimum amount of coverage for uninsured
motorist and underinsured motorist coverage under a standard
automobile insurance is raised to $50,000 for an accident causing
bodily injury or death to a single person and $100,000 for an
accident causing the injury or death of more than one person.
Additionally, a standard automobile insurance policy will be
required to provide liability coverage of at least: (1) an amount or
limit of $50,000, exclusive of interest and costs, on account of
injury to, or death of, one person, in any one accident; and (2) an
amount or limit, subject to such limit for any one person so injured
or killed, of $100,000, exclusive of interest and costs, on account of
injury to or death of, more than one person, in any one accident;
and (3) an amount or limit of $25,000, exclusive of interest and
costs, for damage to property in any one accident.
   This bill was pre-filed for introduction in the 2022-2023 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

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