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

This bill lowers the minimum uninsured and underinsured motorist coverage required for transportation network company drivers (like Uber or Lyft drivers) and their companies when drivers are actively providing rides. It reduces the required coverage from $1.5 million to $25,000 per person (rising to $35,000 after 2026) for bodily injury, $50,000 (to $70,000 after 2026) for multiple people, and $25,000 for property damage per accident. The change applies to insurance policies issued or renewed after January 1, 2023, with gradual increases in the minimums after 2026. This directly affects ride-share drivers and companies by lowering their insurance cost requirements during active rides.