Since Gov. Kathy Hochul announced that she wants to address New York’s high auto insurance rates, there’s been a clash of deep-pocketed interest groups on each side of the issue.
In one corner is the ride-sharing app Uber. In the other corner is the New York State Trial Lawyers Association.
But beyond the rhetoric, New York does indeed have some of the highest insurance premium costs in the nation. The question is will the governor’s proposals mean more money in the pockets of consumers?
Here are a few of her ideas:
- Crack down on multi-car staged accidents/criminal enterprises
- Allow drivers to recover economic damages only if the injured driver is not at fault
- Narrow the definition of serious injury
Capital Tonight’s Susan Arbetter discussed the issue with Josh Gold, senior director of public policy and communications for Uber.
Capital Tonight will host the other side of the issue next week.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.