Establishes "Car Insurance Reduction Act"; modifies current law addressing requirements of automobile insurers for underwriting rate calculations and reductions, and reporting requirements to State.

S 723, the "Car Insurance Reduction Act," requires New Jersey auto insurers to stop using credit history, education, occupation, or location as factors in setting insurance rates. Instead, insurers must base pricing solely on driving records and provide customers with clear, online explanations of how their premiums are calculated - including whether non-driving factors were used. The bill also mandates that insurers offer safe-driving rate reductions (potentially requiring telematics devices) and allow consumers to compare coverage options and estimated premiums through insurer websites. These changes directly affect all auto insurers operating in New Jersey and their policyholders.