This bill amends the existing law regarding uninsured and underinsured motorist coverage for transportation network companies (TNCs) and their drivers. Specifically, it lowers the minimum required coverage amounts for TNC drivers when providing prearranged rides. The new requirements stipulate that for plans issued or renewed on or after January 1, 2023, but before January 1, 2026, the minimum coverage for injury or death of one person in an accident will be set at $25,000, and for multiple persons, it will be $50,000. For plans issued or renewed after January 1, 2026, these amounts will increase to $35,000 and $70,000, respectively. Additionally, the property damage coverage will be set at $25,000 for plans issued or renewed after January 1, 2023.

The bill also modifies the existing legal language regarding the uninsured and underinsured motorist coverage, replacing the previous requirement of a minimum of $1,500,000 with the new tiered amounts based on the plan's issuance date. This change aims to make insurance coverage more accessible for TNC drivers while still providing a level of protection for passengers and other road users. The bill is set to take effect immediately upon passage.

Statutes affected:
Introduced: 39:5H-10