Senate Commerce Committee Statement to Senate, No. 1473, Personal Injury Protection Coverage

Summary

Senate Commerce Committee statement to Senate on Senate Bill No. 1473, dated February 10, 2025, reporting the bill favorably with committee amendments. As amended, the bill sets personal injury protection coverage for basic automobile insurance policies at an amount not to exceed $20,000 per person per accident and requires at least $50,000 per person per accident for standard automobile liability insurance policies. Insurers must tell a named insured when policy limits have increased at renewal, without a signed coverage selection form. The revised basic coverage takes effect on the first day of the 18th month after enactment.

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     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1473
                   with committee amendments



 STATE OF NEW JERSEY
                   DATED: FEBRUARY 10, 2025

    The Senate Commerce Committee reports favorably and with
committee amendments Senate Bill No. 1473.
    As amended, this bill revises the personal injury protection
coverage for basic automobile insurance policies from $15,000 to
$20,000 and requires a minimum personal injury protection
coverage of $50,000 for standard automobile liability insurance
policies. Under the bill, every basic automobile insurance policy
will be required to provide personal injury protection coverage in an
amount not to exceed $20,000 per person per accident, and every
standard automobile liability insurance policy will be required to
provide personal injury protection coverage that shall be no less
than $50,000 per person per accident. Current law requires basic
automobile insurance policies to provide personal injury protection
coverage in an amount not to exceed $15,000 per person per
accident, with no minimums required for standard automobile
liability insurance policies. Additionally, the bill requires insurers to
inform a named insured that policy limits for the insured’s standard
automobile liability insurance policy or basic automobile insurance
policy have increased during the renewal period of the policy but
exempts insurers from needing a signed coverage selection form
before increasing these limits.
    This bill was pre-filed for introduction in the 2024-2025 session
pending technical review. As reported, the bill includes the changes
required by technical review, which has been performed.

COMMITTEE AMENDMENTS:
    The committee has amended the bill to:
    (1) revise personal injury protection coverages for basic
automobile insurance policies from $50,000 to $20,000;
    (2) require insurers to inform a named insured that policy limits
have increased when the named insured has renewed a policy of
insurance and exempt insurers from receiving a signed coverage
selection form before increasing a policy’s limits;
    (3) update current law reviewing personal injury protection options
for standard automobile liability insurance policies;
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    (4) revise the effective date to require that the revised personal
injury protection coverages for basic automobile insurance policies be
implemented on the first day of the 18th month after the date of
enactment of this bill; and
    (5) make certain technical changes.


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