New York Eyes Car Insurance Shakeup After Rates Surge

New York State leaders are trying to lower your car insurance.

New Yorkers pay more in car insurance than most Americans, and New York Gov. Kathy Hochul is pledging to try to fix that.

Gov. Hochul Proposes To Lower Car Insurance Rates In New York

Recently, I went to renew my car insurance and couldn't believe how much it went up! So I'm happy to hear that Gov. Hochul is unveiling her proposals to bring down car insurance rates in New York.

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According to Hochul's office, car insurance rates in New York are among the highest in the nation, costing drivers an average of over $4,000 a year.

That's $1,500 more than the national average, Hochul says.

What's Driving Up Car Insurance Costs In New York?

Experts believe that insurance fraud, including staged accidents by "sophisticated actors," plus legal loopholes and "jackpot" payouts for phony pain and suffering claims, are driving up the costs.

The Governor says she wants to put more money in New Yorkers' pockets, so she plans to crack down on insurance fraud, which she says has increased by 58 percent in the past three years.

What Hochul Wants To Do

Hochul's proposals include going after health care providers who provide phony diagnoses and working to give insurance companies more time to identify fraudulent claims. Under current law, they've got just 30 days.

"These common-sense proposals will not only increase auto insurance transparency for New Yorkers, but they will also put money back into people’s pockets, especially during a time when the cost of living is just too high," Hochul stated.

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