Citizens for Affordable Rates has launched a multi-million ad campaign to urge city and state lawmakers to lower the cost of drivers' insurance, highlighting how auto insurance costs in New York exceed $1,700 annually, nearly 40% higher than the national average.
As noted by Councilwoman Carmen De La Rosa, the insolvency of American Transit, the largest insurer of yellow taxis and other for-hire vehicles, is raising concerns, as it signifies deeper issues within the ride-share insurance market.
The coalition aims to counter the insurance industries' benefits from the status quo, addressing fraud and excessive litigation which accounts for up to 10% of total insurance payouts in New York.
The emphasis on reducing minimum liability coverage for taxi and ride-share drivers from $200,000 to $50,000 is seen as a crucial step in alleviating the financial burden, especially on low-income families who are disproportionately affected.
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