A deal has been reached at the state Capitol on legislation that would tighten regulations on ride-sharing companies such as Lyft and Uber.
Sources familiar with the deal tell Capital Public Radio that ride-share drivers would be required to carry “commercial excess” insurance of at least $200,000 during "Stage One" - the period of time from when drivers turn their apps on until a match is made with a passenger request. That's down from $500,000 in the bill's previous version.
Drivers would also be required to carry commercial insurance of at least $50,000 per accident, $100,000 per person and $30,000 in property damage.
Insurance policies during "Stage Two" (from when a match is made and the passenger is picked up) and "Stage Three" (while the passenger is in the car) must be worth at last $1 million.
The bill would also designate the California Public Utilities Commission as the state agency in charge of regulating ride-sharing companies.
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