Senate Commerce Committee Statement to Senate, No. 481 — 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. 481, which sets minimum liability, uninsured motorist and underinsured motorist coverage in automobile insurance policies. Uninsured and underinsured motorist minimums under a standard policy rise to $50,000 for an accident injuring or killing a single person and $100,000 for more than one person. A standard policy must also carry liability coverage of at least $50,000 for one person and $100,000 for more than one person in any one accident, and $25,000 for property damage. The bill was pre-filed for the 2022-2023 session pending technical review.

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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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