Rising liability costs are driving up New York City auto insurance rates, according to testimony by the American Insurance Association before the Assembly Insurance Committee. New York City bodily injury claims are much more frequent and severe than elsewhere in New York and the nation.
“New York City continues to have a much higher injury claiming rate, resulting in higher loss costs and premiums. For bodily injury, New York City is three times the statewide average and 10 times the lowest state territory,” said David Snyder, AIA assistant general counsel. “This indicates much more litigation and much higher costs than elsewhere in the state and nation.”
Accident, death and injury statistics published by the State Department of Motor Vehicles describe a very serious loss situation in New York City. The city had 19 percent of the state’s registered motor vehicles but accounted for 28.5 percent of fatal accidents and 42.8 percent of personal injury accidents, which claimed 27.5 percent of the state’s fatalities (more than one a day) and 124,424 injuries, or 44.3 percent of the total for New York state.
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