Auto Insurance: New York announces changes to “No-fault” car insurance.
Andy Edmonds: I live in New York and was reading your blog on “No fault insurance“, when I decided to compare auto insurance quotes online. Are there any expected changes for this.
Response: As per the latest information received from on 24th November 2009, New York as per the statement of Superintendent James J. Wrynn said that they have made all efforts to stop the abuse of no fault insurance. The cost of each no-fault claim has gone up by more than half in the past five years, and all New Yorkers with auto insurance are paying for this. The department said its fraud investigations bureau received more than 11,000 complaints alleging no-fault fraud this year to date, a 7 percent increase over the total for all of 2008. The number of no-fault arrests in 2008 was 52 percent greater than in 2007.
As per Paul Magaril, regional manager of Property Casualty Insurers Association of America (PCI) the New York auto insurance rates are the second highest auto insurance premiums in USA. This is almost 50 percent more than the rest of the country. As per PCI the cost of the no fault system of New York the cost of claims is estimated $1.2 million per day. This is the result of frauds like over-utilization of health system. The medical cost is very high.
The Insurers think it is time to stop the frauds and make some changes which will come into effect from January 1st 2010. The changes would take time to be implemented and passed. However, here are the changes which are porposed :
The main idea behind this is to protect consumers the auto insurance frauds have to be stopped so that the low auto insurance rates are available for the customers.
I am sure we all would appreciate the changes, in the long run once we get low auto insurance quotes and start saving on car insurance.
Tagged with: 24th November • Applicable Fee • Attorney Fee • Auto Insurance Premiums • Auto Insurance Quotes • Auto Insurance Rates • Car Insurance • Fault Insurance • Fault System • Fraud Investigations • Health Services • Health System • Highest Auto • Insurance Frauds • Insurance Quot • Insurance Quote • Investigations Bureau • January 1st • Medical Clinics • New York Auto • New Yorkers • Property Casualty Insurers • Property Casualty Insurers Association • Property Casualty Insurers Association Of America • Regional Manager
Filed under: Compare Auto Insurance Quotes • Effect on Auto Rating • Latest news – Auto Insurance
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