New Jersey Bill Would Require Insurers to Offer 12-Month Auto Policies
The Assembly Financial Institutions and Insurance Committee has advanced a bill that would require New Jersey auto insurers to offer standard or basic coverage to include a 12-month policy term as an option for drivers.
Insurers would still be allowed to sell policies with shorter or longer durations.
At present, many auto insurance policies in the state are issued on six-month terms, requiring drivers to renew twice a year.
The proposal does not limit insurers from continuing to offer a range of policy lengths. Instead, it adds a 12-month option alongside existing terms for consumers to choose from.
If the bill becomes law, it would go into effect one year after being signed.
