Just signed into law on August 5, 2022, by Governor Murphy, is a new law raising the minimum policy amounts of automobile insurance that must be provided for automobiles registered or principally garaged in the State of New Jersey. Previously, the minimum automobile insurance policy limit for a policy of insurance (except for a basic policy), was $15,000. Depending on when the policy renews, the new limits increase up to $35,000 for injury or death to one person and $70,000 as an aggregate limit, if more than one person is injured in the accident.
For plans that renew prior to January 1, 2023, the minimum amount remains $15,000 for injury or death of one person and $30,000 for injury or death of more than one person. For plans issued or renewed on or after January 1, 2023, but prior to January 1, 2026, the minimum policy limits will increase to $25,000 for an injury or death of one person and $50,000 for more than one person. Finally, for plans that are issued or renewed on or after January 1, 2026, the minimum policy limits increase further to $35,000 for an injury or death of one person and $70,000 for more than one person.
Minimum policy limits for property damage coverage from an automobile accident will rise from $5,000 to $25,000 as of January 1, 2023.
These same minimum policy limits apply to uninsured/underinsured coverage as well.
