A brand new regulation in New Jersey that takes impact on Sunday means greater than one million drivers will see larger automobile insurance coverage payments.
Beneath the regulation signed by Gov. Phil Murphy over the summer season, the minimal quantity of legal responsibility protection will go from $15,000 to $25,000 on insurance policies bought or renewed after Jan. 1.
Plans should additionally embrace $50,000 in protection for accidents during which a couple of individual was injured or killed. That protection was beforehand set at $30,000.
The state Division of Banking and Insurance coverage estimated that 1.1 million to 1.2 million drivers carry the present minimal protection.
Legal responsibility minimums might be raised once more in three years beneath the regulation. Beginning in 2026, it is going to be $35,000, with protection for a a number of harm accident raised to $70,000.
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