This bill amends the existing law regarding the minimum uninsured and underinsured motorist coverage required for transportation network companies (TNCs) and their drivers. Specifically, it lowers the minimum coverage amount from $1,500,000 to a tiered structure based on the date of policy issuance or renewal. For plans issued or renewed between January 1, 2023, and January 1, 2026, the minimum coverage will be set at $25,000 for injury or death of one person, $50,000 for injury or death of multiple persons, and $25,000 for property damage. For plans issued or renewed after January 1, 2026, these amounts will increase to $35,000 for one person, $70,000 for multiple persons, and remain at $25,000 for property damage.

Additionally, the bill includes a specific insertion that modifies the language regarding the required uninsured and underinsured motorist coverage, aligning it with the new limits rather than the previous blanket requirement of $1,500,000. This change aims to provide more affordable insurance options for TNC drivers while still ensuring 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