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The minimum limits for commercial automobile insurance customers in New Jersey will increase effective Monday, July 1, 2024.
Under P.L. 2023, c. 276 commercial vehicles with a gross vehicle weight of more than 26,000 pounds are required to carry minimum liability limits of at least $1.5 million. Commercial vehicles with a gross vehicle weight rating of 10,001 or more pounds, but less than 26,001 pounds—will be required to carry at least $300,000 of liability coverage.
According to the law, this increase can be satisfied by a commercial auto policy, fleet insurance policy, commercial umbrella insurance policy, commercial excess insurance policy, similar insurance policy, or any combination thereof. This portion of the law has caused some confusion, so the state of New Jersey issued issued Bulletin 24-07: New Minimum Limits of Liability Insurance Commercial Motor Vehicle and/or Autocabs, P.L. 2023, c. 276, which outlines the necessary insurance carrier rate-filing requirements to be in compliance with the law.
If you have any questions or need more information, contact us directly.