Vehicle insurance rates in NY State are some of the highest in the nation the Financial Services Dept. says.
New Yorkers pay some of the highest car insurance rates in the nation — totaling just over $4,000 annually on average, nearly $1,500 above the national average according to the Department of Financial Services. The department says the rates are driven up, in part, by staged crashes. These crashes and associated insurance fraud inflate everyone’s premiums by as much as $300 per year on average the Financial Services Department reports. To combat this the Governor’s office has proposed increasing the timeframe insurers have to report fraud and reduce barriers to alleging fraud in court, giving insurers more time to investigate claims and avoid paying fraudulent ones.
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