Credit: Bluraz/Adobe Stock A History of Automobile Insurance
The triple pillars of the system are the Compulsory Insurance Law (which requires liability insurance), the No Fault Act (which requires Personal Injury Protection benefits) and the Uninsured Motorist Act (which requires uninsured and underinsured motorist coverage).
February 13, 2023 at 12:00 PM
6 minute read
In 1972, the state of New Jersey adopted a comprehensive system of automobile insurance statutes. The laws had two equally important goals. The first was to provide sufficient insurance coverage to protect the assets of the owners and operators of automobiles from the claims of persons injured due to the negligent operation of their insured vehicles. The second was to provide sufficient insurance coverage to compensate accident victims for the injuries that they sustained in automobile accidents.
The triple pillars of the system are the Compulsory Insurance Law (which requires liability insurance), the No Fault Act (which requires Personal Injury Protection benefits) and the Uninsured Motorist Act (which requires uninsured and underinsured motorist coverage).
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