Senate Commerce Committee Statement to Senate, No. 471 — State of New Jersey (June 20, 2022)

Summary

The Senate Commerce Committee of the State of New Jersey, in a statement dated June 20, 2022, reports favorably Senate Bill No. 471. The bill requires all standard and basic automobile insurance policies to provide $250,000 of personal injury protection for medical expense benefits per person per accident. It eliminates the current option for standard policies to buy medical expense benefits of $150,000, $75,000, $50,000 or $15,000. Under current law, the statement says, basic policies must provide $15,000 per person per accident, with up to $250,000 paid under certain circumstances. The bill was pre-filed for the 2022-2023 session pending technical review.

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
471

STATE
OF NEW JERSEY

DATED: JUNE
20, 2022

The
Senate Commerce Committee reports favorably Senate Bill No. 471.

This
bill requires all standard and basic automobile insurance policies to provide
$250,000 of personal injury protection for medical expense benefits.

Under
current law, the standard automobile policy provides a number of different
coverage options and the opportunity to buy additional protection. One option
allows drivers to purchase medical expense benefits in the amounts of $250,000,
$150,000, $75,000, $50,000 or $15,000 per person per accident. This bill
eliminates the option to purchase medical expense benefits in those amounts,
and instead provides that all standard policies will include $250,000 of
medical expense benefits.

This
bill provides that all basic policies must include $250,000 of personal injury
protection per person per accident for medical expense benefits. Under current
law, basic policies must provide $15,000 per person per accident, except that,
medical expense benefits shall be paid in an amount not to exceed $250,000
under certain circumstances.

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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