"Every New Yorker feels the strain of an affordability crisis that keeps pushing up the cost of groceries, fuel, and simply getting to work. While public attention often focuses on housing and inflation, one major driver of this crisis is the skyrocketing cost of auto insurance. For millions of families and small businesses, it has become a hidden tax on daily life and economic mobility."
"Today, the average driver in New York pays well over $4,000 a year for full coverage, nearly 40 percent higher than the national average. Some drivers in the NYC area pay close to $7,000 annually. Even minimum coverage can exceed $1,700, with premiums rising far faster than inflation. For many households, staying insured now means sacrificing necessities elsewhere in the family budget."
"Trucking and motorcoach transportation the backbone of commerce, tourism, and regional connectivity are being squeezed to the breaking point. Over the past five years, commercial auto insurance premiums have surged by more than 300 percent (not a typo), while coverage levels have been sharply reduced. Insurers have left the New York market altogether, unwilling to absorb the escalating risks. For many trucking companies, motor carriers, and bus operators, insurance has become the single largest expense after employees."
New Yorkers face an affordability crisis driven in part by rapidly rising auto insurance costs that outpace inflation. The average driver in New York pays well over $4,000 annually for full coverage, with some NYC-area drivers nearing $7,000; minimum coverage can exceed $1,700. Many households sacrifice necessities to remain insured. Commercial auto premiums have surged over 300 percent in five years, while coverage has been reduced and insurers have exited the market. Trucking, motorcoach, and bus operators now confront insurance as the largest expense after payroll, driving higher consumer prices and service cuts that limit access to jobs and services. A deeply flawed no-fault system fuels fraud and escalating costs.
Read at www.amny.com
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