NJ S3124

Increases minimum bodily injury liability coverage from $15,000 to $100,000 per person and from $30,000 to $200,000 per accident for motor vehicle and automobile insurance policies in New Jersey.

Raises minimum property damage liability coverage from $5,000 to $35,000 per accident.

Increases the minimum medical expense benefits option under personal injury protection (PIP) coverage from $15,000 to $25,000 per person per accident, while maintaining the $250,000 standard for severe injuries.

Applies to all motor vehicles and private passenger automobiles registered or principally garaged in New Jersey, except those under basic or special policies.

Takes effect on the first day of the fourth month after enactment and applies to insurance policies entered into on or after that date.