Pataki Auto Insurance Plan the potential price reduction
The Pataki administration proposed broad changes in New York’s auto insurance rules today, with the aim of reducing costs, as the State to win the undesirable characters difference that the nation higher.
The plan is the first comprehensive effort to you, George E. Pataki, the high cost of self-assurance. It draws freely on proposals Democrats and Republicans in the state, legislators, and he met with the first positive reactions prudent now insurance companies, consumer groups and legislators.
The proposals include a number of regulatory and law enforcement against fraud insurance industry is responsible for high prices. There is no freeze premiums, a step Democrats and consumer advocates who have asked, so that the possibility that prices will rise.
But Gregory V. Serio, Mr. Pataki nine insurance Superintendent, insisted that the package of measures with rates would be put down, when he did not say when and for how much. ”If we do not act, it is a rate problem, we have a problem of quota, New York,”he said.
Assemblyman Alexander B. Pete Grannis, Manhattan Democrat and chairman of the Insurance Committee, said:”It seems that the governor has finally on the table about this, and many of its proposals, what we proposed, we are quite encouraged What space Thursday to reach an agreement.”
The cost of automobile insurance was durchsickernd as a serious problem in New York for years. In New Jersey, which had long the nation from the higher quotas, almost led the defeat of Dir in 1997, Christie Whitman, Democrats and trying, unsuccessfully, the issue against Mr. Pataki during his re-election in 1998, the election campaign.
A combination of factors has brought to the forefront of this year. In New York, have rates relatively calm, but New Jersey has declined, and industry officials believe that this year again, when new figures are released, New York exceed its neighbours, since the State has the greatest rewards. In 1998, the latest year for which figures are available, the car was $ 959 average premium in New York and $ 1138 in New Jersey.
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