New Jersey A4562 requires automobile insurance carriers to offer policies with a 12-month term.
New Jersey A4562 mandates that automobile insurance carriers provide the option for policyholders to purchase insurance policies with a 12-month term. This requirement is intended to benefit insureds by allowing for longer-term rate setting, easier renewal periods, and potentially longer-lasting premium discounts. The bill does not restrict insurers from offering policies with shorter or longer terms. The act will take effect 120 days after its enactment.
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