The Peer-to-Peer Car Sharing Act establishes a regulatory framework for peer-to-peer car sharing programs in New Jersey. Under this act, 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 act also stipulates that in cases of disputes regarding control of the shared vehicle at the time of a loss, the peer-to-peer car sharing program will hold primary liability. Additionally, the bill outlines exclusions for motor vehicle liability insurance policies, allowing insurers to exclude coverage for claims related to shared vehicles, and mandates recordkeeping and consumer protection disclosures regarding fees and insurance costs associated with the car sharing agreements.

Furthermore, the act requires peer-to-peer car sharing programs to notify vehicle owners about any liens on their vehicles and to verify that shared vehicles are free of safety recalls before they are made available for sharing. The legislation also includes provisions for the indemnification of vehicle owners against damages to equipment installed for monitoring or facilitating car sharing transactions. The Commissioner of Banking and Insurance is empowered to adopt regulations to implement the act, which will take effect ten months after its enactment.