A battle over car insurance is holding up New York’s budget talks, according to Spectrum News 1.
Gov. Kathy Hochul’s proposal aims to cut costs by targeting fraud and limiting lawsuits, but lawmakers say they still haven’t seen enough proof that fraud drives rising rates. The disagreement has stalled progress, forcing another short-term budget extension.
Supporters, including trucking companies, say high premiums are hurting businesses and driving up costs for consumers. Critics argue there’s no guarantee savings would reach drivers, leaving Albany at a standstill as negotiations continue.
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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.