This bill amends the existing insurance requirements for transportation network companies (TNCs) and their drivers in New Jersey by lowering the minimum amount of uninsured and underinsured motorist coverage required when a driver is providing a prearranged ride. Specifically, it reduces the coverage from a previous requirement of $1,500,000 to new limits that vary based on the date of the insurance plan's issuance or renewal. For plans issued or renewed between January 1, 2023, and January 1, 2026, the minimum coverage for injury or death of one person in an accident is set at $25,000, while for multiple persons, it is $50,000. For plans issued or renewed after January 1, 2026, these limits increase to $35,000 and $70,000, respectively. Additionally, the property damage coverage is set at $25,000 for plans issued or renewed after January 1, 2023.

The bill also includes a deletion of the previous requirement for uninsured and underinsured motorist coverage to be at least $1,500,000, replacing it with a requirement that aligns with the new limits specified in the bill. 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