On July 1, New York City Mayor Eric Adams signed into law Intro 1050, legislation that limits the amount of personal injury insurance coverage that the Taxi & Limousine Commission (TLC) may require for licensed vehicles. Council Member Carmen De La Rosa sponsored the legislation, and the Independent Drivers Guild advocated for the law, which is expected to reduce costly insurance requirements for the 80,000 New York City Uber and Lyft drivers that the Guild represents.
Currently, NYC’s app-hail drivers are required to purchase $200,000 of personal injury insurance, which costs the typical driver over $5,000. The new law reduces coverage requirements for for-hire vehicle drivers to $100,000 in 2026.
“This is an important first step to address New York State’s utterly broken insurance regime,” said IDG Policy Director Andrew Greenblatt. “New York insurance rates have soared faster than inflation and are expected to skyrocket next year due to the financial insolvency of the insurance providers. These costs are devastating for the for-hire vehicle drivers who are stuck paying the bill. This law will reduce the financial impact of rate hikes on rideshare drivers and their passengers. We hope it will also attract additional insurers to New York. We met with the Governor’s office, city and state leaders, and other stakeholders on these critical issues and are committed to continuing to push for comprehensive reform.”
Source: Independent Drivers Guild
