A new bill that becomes law in New Jersey in the new year will give drivers additional automobile liability coverage.
The lawmaker who sponsored the bill says it increases the minimum amount of liability that drivers are required to have with no additional cost right now, but a nonprofit trade organization representing insurance companies disagrees and says premiums will go up now.
"One thing that we heard is the senator say, and he said this before, that the law prohibits future premium increases, but that's not case. We have to increase premium to keep up with losses. We're doing it today to keep up with inflation," said Gary La Spisa, vice president of the Insurance Council of New Jersey.
"They've already indicated under oath at the testimony, at the hearings that they cannot raise rates for that. What they have suggested is that they may be able to apply to raise rates in four years," said State Sen. Nicholas Scutari, who co-sponsored the bill."It means people are going to be provided $10,000 in additional coverage for no cost for the next three years,"
Scutari says insurance companies can apply to the New Jersey Department of Banking and Insurance in four years and request a rate increase then.
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