Lowers minimum amount of motor vehicle liability coverage for autocabs.

This New Jersey bill lowers the minimum required liability insurance coverage for autocabs from $1.5 million to $200,000. The change directly affects owners of autocabs operating in the state by reducing the financial protection they must maintain. The legislation amends existing statutes to specify that autocabs must carry policies covering at least $200,000 for bodily injury, death, or property damage per accident. This adjustment aligns the insurance requirements for autocabs with the lower limits set for other non-commercial vehicles in the state.