This bill amends the existing motor vehicle liability coverage requirements for autocabs in New Jersey. Currently, owners of autocabs must maintain a minimum liability coverage of $1.5 million for bodily injury, death, and property damage. The proposed legislation reduces this requirement significantly to a minimum of $200,000. This change aims to make it more feasible for autocab owners to comply with insurance regulations while still providing a level of protection for passengers and other road users.
In addition to the reduction in coverage, the bill also clarifies that the new minimum coverage applies to all claims for damages resulting from the ownership, operation, maintenance, or use of an autocab on public streets. The bill is set to take effect immediately and will apply to all automobile insurance policies initiated or renewed after the enactment date. This legislative change reflects a shift in the insurance landscape for autocabs, potentially making it easier for operators to maintain compliance with state laws.
Statutes affected: Introduced: 39:6B-1