The Peer-to-Peer Car Sharing Act establishes a regulatory framework for peer-to-peer car sharing programs in New Jersey. Under this bill, such programs will assume liability for bodily injury or property damage to third parties during the car sharing period, ensuring coverage amounts meet or exceed minimum state requirements. The bill also outlines specific conditions under which liability may not apply, such as intentional misrepresentation by the shared vehicle owner. Additionally, it mandates that peer-to-peer car sharing programs maintain primary liability insurance during the car sharing period and provides guidelines for recordkeeping and consumer disclosures, including information on fees and insurance coverage.

Furthermore, the bill includes provisions that allow motor vehicle insurers to exclude coverage for claims related to shared vehicles under certain conditions, while also ensuring that peer-to-peer car sharing programs are responsible for any equipment used in the transaction. It requires programs to verify that shared vehicles are free of safety recalls before they can be made available for sharing. The act is set to take effect ten months after its enactment, with the Commissioner of Banking and Insurance authorized to adopt necessary regulations for implementation.