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 providing rides. It reduces the current $1.5 million coverage limit to $25,000 per person for injury/death (increasing to $35,000 after 2026), $50,000 total for multiple people (increasing to $70,000 after 2026), and $25,000 for property damage. The change applies to insurance plans issued or renewed on or after January 1, 2023, with gradual increases over time. This directly affects drivers and companies using personal vehicles for ride services in New Jersey.