New Jersey’s Auto Insurance Market Faces Tough Times
In a recent move, a prominent company is expanding its presence in New Jersey at a critical time for the state’s personal auto insurance market. Starting January 1, 2026, New Jersey will implement the final phase of a required increase in minimum auto liability limits. This change will raise the amount that insurance must cover for bodily injury to $35,000 for each person and $70,000 for each accident. Previously, these figures were set at $25,000 and $50,000, respectively, after an initial increase in 2023.
As a result of this update, insurance companies will have to revise their rate filings and inform their customers about these new limits when it’s time to renew their policies. This shift marks a significant adjustment for both insurers and drivers in New Jersey, reflecting ongoing challenges in the auto insurance landscape.
