Responding to concerns that some drivers may think that the Assigned Risk Plan is their only option for auto insurance, New York State Insurance Department Superintendent Gregory V. Serio advised residents of the five boroughs and all New Yorkers to thoroughly research their options before enrolling in the plan.
Serio noted the recent sharp drop in the number of insureds with assigned risk status. “Most of New York’s safe drivers can find insurance in the voluntary market,” he stated, “but they must be aware that some brokers may not have relationships with all insurance companies writing in their area. Consumers should be conscious of what companies are offering automobile insurance available in their region and it is to their advantage to shop around for the best deal.”
“There are 8.6 million cars insured in New York State and currently less than 500,000 are in assigned risk,” said the NYSID’s announcement, compared with 1.3 million drivers in 1991.
The Department listed the following companies as currently writing in the five boroughs: “Allstate; American Home (AIG); Geico; Liberty Mutual; Nationwide; New York Central Mutual; Progressive; Phoenix (Travelers); Tri-State Consumer Insurance Company and State Farm.