Auto Insurance Rates Rising

As reported on this site in June 2008, New York’s Legislature approved a bill which lets automobile insurance companies raise rates by up to 5% without regulatory approval. Almost a year later reveals that 44 insurance companies have raised their rates (or plan to do so), and 28 of them have raised their rates 4.9% to 5%, at or close to the maximum. Clearly, 2007’s $8.2 million in insurance-industry lobbyist spending has paid off, especially the $67,000 pocketed by the bill’s sponsor Joseph Morelle (D Rochester).

New York’s insurance rates are already among the highest in the country.  Further, motorists who are convicted of two or more moving violations (or one “bad” one) can have their rates increased even higher.