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Understanding the Automobile Insurance Cost Reduction Act The Automobile Insurance Cost Reduction Act of 1998 (AICRA) is the latest legislation to address problems associated with the high cost of automobile insurance in the Garden State. A number of dramatic changes have occurred to the state's auto insurance system as a result of this new law that all drivers should know and understand. In addition to allowing consumers more choice in selecting coverage limits, significant measures are being implemented to reduce insurance fraud and abuse. The cost reduction measures are aimed at controlling the cost of what auto insurance pays for - medical treatment, lawsuits and vehicle repairs. Each year insurers pay over $2 billion in legal, hospital and doctor bills. For more information on the changes in the law that could affect you as a New Jersey motorist, click on the headings below.
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