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

This bill requires auto insurers in New Jersey to ensure customers consult with a licensed insurance producer before purchasing a motor vehicle liability insurance policy, unless the insurer provides a cost-benefit analysis instead. It directly affects auto insurers, licensed insurance producers, and consumers buying auto insurance. The key mechanism is a mandatory consultation requirement with an exception for online sales where a cost-benefit analysis is provided prior to purchase. The Department of Banking and Insurance will define what constitutes a valid consultation and cost-benefit analysis through regulations.