Requires consultation with insurance producer or provision of cost benefit analysis prior to sale of automobile insurance policy.

This bill (S 2268) requires auto insurers in New Jersey to ensure consumers consult with a licensed insurance agent before purchasing a motor vehicle liability insurance policy. If sold online without consultation, insurers must provide a clear cost-benefit analysis of the policy to the consumer beforehand. The bill applies to all auto insurers authorized in New Jersey (excluding specific residual market entities) and directs the Department of Banking and Insurance to define acceptable consultation methods and cost-benefit analyses. It does not take effect until enacted, as it was introduced in the Senate on January 9, 2024, and referred to the Commerce Committee. The measure aims to ensure consumers understand policy terms before purchasing.