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NJ Increases Auto Liability Requirements

NJ Increases Auto Liability Requirements

Author: Kendall Moore/Wednesday, June 26, 2024/Categories: News, CONSPA, LIPSA, Metro NY NJ, Penn Jersey, Update Newsletters

 

New Minimum Auto Liability Limits for NJ Commercial Vehicles and Autocabs Effective on July 1, 2024. This new act applies to all owners and/or operators of commercial motor vehicles and autocabs registered or principally garaged in New Jersey engaged in intrastate commerce.

Make sure your business is aware of these new auto liability limits, how these limits can be satisfied, and what your business should do. 

  • NJ Legislation Update
    • Effective July 1, 2024, minimum Commercial Auto Liability limits increased in New Jersey.
    • Applies to all commercial motor vehicles and autocabs in intrastate commerce
  • New Auto Liability Limits:
    • For vehicles 26,001+ lbs or autocabs:
      • Minimum liability increased to $1,500,000 for injury/death or property damage in any one accident (combined single limit).
    • For vehicles 10,001 - 26,000 lbs:
      • Minimum liability increased to $300,000 for injury/death or property damage in any one accident (combined single limit).
  • Compliance Options:
    • Coverage can be met through commercial auto, fleet, umbrella, excess, or similar policies, or combinations thereof.
  • Implementation Details:
    • Effective July 1, 2024; applies to all policies initiated or renewed thereafter.

What Should You Do? Action Steps:

It is crucial to determine the applicability of these changes to your specific situation and to review your current insurance limits with the next renewal cycle approaching after July 1, 2024. Contact your insurance company to discuss how this change will impact your business. Discussing these adjustments will provide clarity on how they will directly impact your business operations and ensure that you are adequately prepared moving forward. Taking these steps will help reduce risks and maintain coverage tailored to your needs.

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