"For years, New Yorkers have struggled under some of the nation's most punishing car insurance rates. Full coverage in the Empire State currently averages $4,031 per year nearly double the national average while even bare-bones minimum coverage often tops $1,700. For working families, these premiums are more than just a line item in a spreadsheet; they are a source of chronic financial stress that dictates every other household decision, from paying rent to affordably stocking the pantry"
"Car insurance rates are just too damn high, especially at a time when families are feeling squeezed by the rising cost of living, Governor Hochul said during the announcement. High rates don't just impact the person behind the wheel they ripple through our entire economy as businesses pass these expenses on to consumers. These reforms will crack down on bad actors, drive costs down, and put money back in the pockets of the people who earn it."
New York drivers face unusually high car insurance costs, with full coverage averaging $4,031 annually and minimum coverage often exceeding $1,700. These premiums create persistent financial strain for working families, affecting rent, groceries, and household stability. A legislative package aims to lower rates by addressing embedded fraud, staged accidents, inflated or fictitious medical claims, and loopholes in the no-fault system that allow uninsured or law-breaking drivers to receive large payouts. The proposals seek to distinguish responsible drivers from bad actors, reduce systemic inefficiencies, and return savings to consumers and the broader economy.
Read at www.amny.com
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