Lowers minimum amount of uninsured and underinsured motorist coverage for transportation network companies and transportation network company drivers.

S 4898 would lower the minimum required uninsured and underinsured motorist coverage for transportation network company (TNC) drivers and companies in New Jersey, such as Uber or Lyft. Current law requires TNC drivers to maintain at least $1.5 million in such coverage when providing rides. The bill would reduce this minimum coverage amount to a lower figure, though the exact new amount is not specified in the text. This change would directly affect TNC drivers and companies by reducing their insurance requirements.