"The state Department of Financial Services quantifies the fraud annually based on information provided by insurance companies, which track policyholders misrepresenting where they predominantly use and store their vehicles to get cheaper rates."
"Insurers reported losing $50.2 million to rate evasion last year, up 20 percent from $38.9 million when Hochul took office in 2021, according to a Streetsblog review of data collected annually by DFS."
"Most of that money, or $43.7 million, came from people giving wrong addresses within New York State - meaning they did most of their driving in one place while claiming their principal location in another."
"But the real growth came in out-of-state evasion, where losses more than doubled from $2.6 million five years ago to $6.5 million last year, with the top phony addresses coming from Florida, Pennsylvania and New Jersey."
The number of New York drivers registering cars to false addresses has increased significantly, resulting in over $50 million in insurance fraud annually. Out-of-state plate scams have more than doubled, contributing to higher insurance costs for honest drivers. The Department of Financial Services reports that insurers lost $50.2 million to rate evasion last year, with most losses attributed to incorrect addresses within New York State. The growth in out-of-state evasion has also been notable, with losses rising from $2.6 million to $6.5 million in recent years.
Read at Streetsblog New York City
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