New Jersey Increases Truck Insurance Minimum to $1.5M Starting July 1: Key Details from National Independent Truckers Insurance Company (NITIC)
The New Jersey Legislature has enacted a pivotal law that will significantly impact the trucking industry in the Garden State. Effective July 1, 2024, the owner or registered owner of a commercial motor vehicle weighing more than 26,000 pounds must carry a minimum of $1.5 million in liability insurance. The new state requirement for truckers who are domiciled in NJ and deliver goods and services to entities in NJ is $1.5M. However the federal requirements for transporting goods across state lines throughout the country is $750,000. Therefore, once you leave NJ the requirements drop down to a minimum of $750,000. Additionally, commercial motor vehicles weighing between 10,001 and 26,001 lbs. must now maintain liability insurance limits of $300,000.
This legislative move aims to address the increasing costs associated with road accidents, including medical expenses, property damage, and legal fees. With the rise in severe accidents involving commercial vehicles, the higher insurance minimums are designed to ensure adequate compensation for victims and better financial protection for truckers. The new insurance requirements will affect thousands of independent truckers and small trucking businesses operating within New Jersey.
At National Independent Truckers Insurance Company (NITIC), we recognize the challenges this increase poses to truckers in New Jersey. Our team is committed to assisting you through this transition with comprehensive and customized insurance solutions. We offer a range of policies designed to meet the new state regulations while providing the competitive coverage you need to protect your business and livelihood.
Our expert commercial truck insurance agents are ready to guide you through these changes, offering personalized support and ensuring your insurance policy meets the new legal standards. At NITIC, we pride ourselves on our deep understanding of the trucking industry and our dedication to serving the unique needs of independent truckers. We are here to help you navigate this regulatory shift, providing you with the peace of mind that comes from knowing you are fully compliant and adequately covered.
Trust NITIC to support you through this transition, offering expert guidance, reliable protection, and exceptional service tailored to the specific needs of truckers in New Jersey. Contact us today to learn more about how we can help you adapt to these new insurance requirements and keep your business moving forward.
