Budget package includes measures aimed at reducing fraud, premiums.
New York Gov. Kathy Hochul and legislative leaders have reached agreement on a fiscal 2027 state budget that includes a package of auto insurance reforms aimed at reducing premiums that rank among the highest in the country.
New Yorkers pay an average of just over $4,000 annually for auto insurance, nearly $1,500 above the national average, according to the state. Hochul announced the conceptual budget agreement May 7, with the Legislature expected to pass enabling bills in the coming days. New York was the fourth largest auto insurance market in the
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.