Senate Commerce Committee Statement to Senate, No. 1473 — State of New Jersey (February 10, 2025)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 1473 with committee amendments, State of New Jersey, dated February 10, 2025, reporting the bill favorably. As amended, every basic automobile insurance policy would provide personal injury protection coverage not to exceed $20,000 per person per accident, and every standard automobile liability insurance policy would provide no less than $50,000 per person per accident. The statement says current law sets a $15,000 limit for basic policies with no minimum for standard policies. Insurers must inform a named insured when policy limits increase at renewal, without needing a signed coverage selection form, and the basic policy change 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;

(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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