The Auto Insurance Crisis Summary

Helpful Facts

  • Auto insurance premiums in New York have surged by 26% over the past year, reaching $4,527 annually, significantly higher than the national average.
  • Factors driving these increases include more frequent claims, high repair costs due to advanced vehicle technologies, and larger payouts for accidents.
  • Risky driving behaviors post-pandemic have led to higher accident rates, contributing to increased claims and higher insurance premiums.
  • Vehicle repair costs have soared due to supply chain disruptions, parts shortages, and the complexity of fixing modern vehicles with advanced technologies.
  • Fraudulent practices like garaging fraud and the use of ghost cars distort the insurance market, further driving up costs for honest residents.
Read Full Article