Yes, rideshare companies and drivers are required to carry insurance coverage. The specific insurance requirements can vary depending on the location. In many areas, rideshare companies like Uber and Lyft are required to provide a minimum amount of liability insurance coverage that protects both the driver and passengers in the event of an accident. For example, in New York City, the minimum liability coverage can be up to $1 million. These insurance policies are intended to provide compensation to those injured in rideshare accidents.