New York drivers may not see cheaper insurance unless companies prove they’re counting new state reforms in their rates, according to State of Politics. State officials say insurers must show the math before regulators approve future rate changes.
Gov. Kathy Hochul directed auto insurers to show how fraud crackdowns, lawsuit limits and other budget changes affect pending rate filings by Aug. 31. State regulators said companies that don’t include savings projections could have rate requests denied.
Hochul and lawmakers expect the changes could lower premiums by about 10% over roughly two years. Analysts say that could save New Yorkers about $2 billion statewide, or about $200 per vehicle each year.
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