New Jersey Increases Minimum Commercial Insurance Limits Effective July 1
On July 1, New Jersey will implement a new law raising the minimum commercial insurance limits for vehicles operating within the state. This legislation is intended to enhance coverage and protection for those involved in commercial vehicle operations.
Key Changes
The new insurance requirements are as follows:
Vehicles with a gross vehicle weight (GVW) of 26,001 pounds or more must have a minimum liability insurance coverage of $1.5 million.
Vehicles with a GVW between 10,001 and 26,000 pounds must have a minimum liability insurance coverage of $300,000.
These limits are significantly higher than the federal minimum requirement of $750,000 for bodily injury and property damage (BIPD). The law specifically targets vehicles registered or primarily garaged in New Jersey, necessitating compliance for those based or parked long-term in the state.
Impact on Commercial Vehicle Operators
Operators of commercial vehicles must ensure their insurance policies meet these new minimum requirements. Non-compliance can lead to severe penalties, including fines and suspension of operating authority within New Jersey.
Meeting the New Requirements
To comply with the new law, operators can adjust their current policies or combine various types of insurance, such as:
Commercial auto policies
Fleet insurance
Commercial umbrella policies
Commercial excess coverage
Reviewing and updating insurance policies before the law takes effect is crucial for maintaining compliance.
Allcom Insurance is Here to Help
At Allcom Insurance, we are committed to helping you navigate these changes. Our team can evaluate your current coverage and find the best options to meet the new requirements. We offer comprehensive insurance solutions tailored to your needs, ensuring compliance and protection.
Contact Us
For more information or assistance, please contact Allcom Insurance at 866-277-9049 or email info@allcomins.com. Our specialists are ready to help you secure the necessary coverage and answer any questions you may have.
Stay informed and compliant with Allcom Insurance. Visit our website to learn more about the new law and how we can support your business.