This bill amends existing legislation regarding the insurance requirements for transportation network companies (TNCs) and their drivers in New Jersey. Specifically, it lowers the minimum amount of uninsured and underinsured motorist coverage that must be maintained when a TNC driver is providing a prearranged ride. The new requirements stipulate that for plans issued or renewed on or after January 1, 2023, but before January 1, 2026, the coverage for injury or death of one person in an accident will be reduced to $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 includes specific amendments to the existing law, such as the deletion of the previous requirement for uninsured and underinsured motorist coverage to be at least $1,500,000, replacing it with a new structure that aligns with the aforementioned limits. 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