In what seems like years in the making, a new change is finally coming to New Jersey’s auto insurance policies. Governor Murphy signed Bill S-481 on Friday, which increases the minimum required insurance coverage for NJ drivers beginning January 1, 2023. It increases the bodily injury coverage to $25,000 for one person in an auto accident and $50,000 combined for more than one party. These amounts will increase again in 2026 to $35,000 and $70,000.
Additionally, Bill S-481 also increases the minimum property damage coverage to $25,000 beginning January 1, 2023.