New Jersey Assembly Bill A2012

New Jersey 2024-2025 Regular Session

• Introduced: 1/9/24
• Refer: 1/9/24

Caption

Establishes "Automobile Accident Injury Fund."

Impact

The 'Automobile Accident Injury Fund' will serve as a revolutionary development in state law by creating a non-lapsing, revolving fund specifically for covering the medical expenses of eligible individuals injured in stolen vehicle accidents. The fund's implementation is expected to address a critical gap in medical coverage for the uninsured or underinsured, ensuring that medical bills related to such incidents are accounted for, regardless of existing policies. This initiative seeks to not only support victims of automobile theft but also promote overall public safety.

Summary

Assembly Bill A2012 establishes the 'Automobile Accident Injury Fund' within the Department of Banking and Insurance in New Jersey. This fund is designed to provide financial support for the medical costs of individuals injured in automobile accidents involving stolen vehicles. Notably, the bill highlights the increasing incidence of vehicle thefts in the state, with reports indicating a 22 percent rise in stolen vehicles from the previous year. The fund aims to alleviate the burden faced by individuals who might not have health or automobile insurance coverage, especially with a significant portion of the population uninsured.

Contention

Despite its potential benefits, the bill may face discussions around the adequacy of funding, approach towards prevention of vehicle thefts, and broader implications for auto insurance policies. Opponents could argue that this fund might inadvertently incentivize negligence among drivers regarding theft-prevention measures. Additionally, there could be debates surrounding the criteria for eligibility, the assessment of medical costs, and the regulations dictating fund management. These concerns may lead to scrutiny over how effectively the fund will be managed and whether it sufficiently addresses the root causes of automobile theft.