New York Governor Kathy Hochul unveiled proposals Jan. 22 to reduce auto insurance costs in New York through measures targeting fraud and reforming liability laws.
New York residents pay an average of $4,000 annually for car insurance, approximately $1,500 above the national average, according to state data. Insurance carriers reported 38,270 incidents of suspected motor vehicle insurance fraud to the New York State Department of Financial Services in 2023, a 58% increase from 24,238 incidents in 2020.
The state recorded 1,729 staged crashes in 2023, the second-highest total in the nation. According to the Insurance Information Institute, staged crashes and
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