Veh. Code, § 16500

(a) (1) Every owner of a vehicle used in the transportation of passengers for hire, including taxicabs, when the operation of the vehicle is not subject to regulation by the Public Utilities Commission, shall maintain, whenever the owner may be engaged in conducting those operations, either of the following:

(A) Proof of financial responsibility resulting from the ownership or operation of the vehicle and arising by reason of personal injury to, or death of, any one person, of at least fifteen thousand dollars ($15,000), and, subject to the limit of fifteen thousand dollars ($15,000) for each person injured or killed, of at least thirty thousand dollars ($30,000) for the injury to, or the death of, two or more persons in any one accident, and for damages to property of at least five thousand dollars ($5,000) resulting from any one accident.

(B) (i) Notwithstanding subparagraph (A), proof of financial responsibility resulting from the ownership or operation of the vehicle and arising by reason of personal injury to, or death of, any one person, of at least thirty thousand dollars ($30,000), and, subject to the limit of thirty thousand dollars ($30,000) for each person injured or killed, of at least sixty thousand dollars ($60,000) for the injury to, or the death of, two or more persons in any one accident, and for damages to property of at least fifteen thousand dollars ($15,000) resulting from any one accident.

(ii) The proof of financial responsibility limits required by clause (i) shall apply to a motor vehicle liability policy, described in subparagraph (A) of paragraph (2), or bond, described in subparagraph (B) of paragraph (2), issued or renewed on or after January 1, 2025.

(2) Proof of financial responsibility may be maintained by any of the following:

(A) Being insured under a motor vehicle liability policy against that liability.

(B) Obtaining a bond of the same kind, and containing the same provisions, as those bonds specified in Section 16434.

(C) By depositing with the department seventy-five thousand dollars ($75,000), which shall be deposited in a special deposit account with the Controller for the purpose of this section.

(D) Qualifying as a self-insurer under Section 16053.

(b) The department shall return the deposit to the person entitled thereto when the person is no longer required to maintain proof of financial responsibility as required by this section or upon the person’s death.

(c) On January 1, 2035, each of the following shall occur:

(1) The minimum liability coverage shall be increased by twenty thousand dollars ($20,000) for bodily injury or death for one person, by forty thousand dollars ($40,000) for bodily injury or death for all persons, and by ten thousand dollars ($10,000) for property damage.

(2) The minimum liability coverage required by paragraph (1) shall apply to a motor vehicle liability policy, described in subparagraph (A) of paragraph (2) of subdivision (a), or bond, described in subparagraph (B) of paragraph (2) of subdivision (a), issued or renewed on or after January 1, 2035.

(3) The deposit requirement in subparagraph (C) of paragraph (2) of subdivision (a) shall be increased by fifty thousand dollars ($50,000).

(d) This section shall become operative on January 1, 2025.