"New York's automotive insurance market has entered a prolonged affordability crisis, with soaring premiums, shrinking coverage options, and insurers exiting the state, said Zach Miller, the association's vice president of government affairs."
"Commercial auto liability costs have effectively doubled over the past five years, with policies that previously cost $5,000-$6,000 per power unit now commonly ranging from $10,000-$12,000 per unit."
"The strain is even more acute downstate, where motor carriers are reporting quotes as high as $50,000 per truck, highlighting the severe impact on trucking operations."
The Trucking Association of New York is advocating for reforms to combat a severe auto insurance affordability crisis. The crisis is characterized by soaring premiums, reduced coverage options, and insurers leaving the state. Commercial auto liability costs have doubled in five years, with policies now costing $10,000 to $12,000 per unit. The situation is particularly dire in New York City, where quotes can reach $50,000 per truck. The association emphasizes that this issue impacts not only large businesses but also small, family-owned trucking companies.
Read at www.amny.com
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