"A coalition of more than 30 mom-and-pop employers the literal engines of New York's economy is throwing its weight behind Governor Kathy Hochul's proposal to overhaul the state's auto insurance system. In a letter sent to legislative leaders, these neighborhood anchors warned that skyrocketing premiums are no longer just a line item; they are an existential threat to the backbone of New York."
"The reforms lower auto insurance costs by cracking down on fraud, limiting payouts for drivers engaging in unlawful behavior, and modernizing litigation rules. Notably, the plan directs the state to re-examine the Excess Profit Law to ensure savings from these reforms benefit consumers before insurers."
"The coalition reports that many commercial premiums have surged by a staggering 50% to 100% since 2021. The culprit? A hidden tax fueled by rampant fraud. Suspected motor vehicle insurance fraud in the Empire State has jumped roughly 80% over the last five years."
New York's small business owners, representing over 30 mom-and-pop employers, are backing Governor Hochul's auto insurance system overhaul to combat unsustainable premium increases. Commercial insurance premiums have surged 50-100% since 2021, with suspected motor vehicle insurance fraud jumping 80% over five years, adding approximately $300 annually to every driver's bill. The average New York driver pays $4,031 annually for full coverage. The Governor's reform plan addresses fraud, limits unlawful payouts, modernizes litigation rules, and re-examines the Excess Profit Law to ensure savings reach consumers rather than insurers. For contractors and delivery services dependent on vehicles for income, these reforms represent critical relief from an out-of-control system.
Read at www.amny.com
Unable to calculate read time
Collection
[
|
...
]