Tag: new york insurance premiums

Uber’s Multifaceted Push for New York Insurance Reform

G. Turner
New York Insurance Reform

Uber Technologies has embarked on a six-figure advertising marathon in New York, targeting lawmakers to address the tangled mess of the state’s insurance markets. With the insolvency of the city’s largest taxi insurer looming as one of the key culprits, Uber’s campaign is both a strategic and high-stakes move. Here’s what you need to know about this complex dance between tech, transportation, and insurance reform. What’s Driving Uber’s Big Ad Spend? Rising insurance costs have become a thorn in the side of Uber and its drivers in New York, one…

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New York auto insurance rate calculation factors may soon drastically change

Nordstrom
New York auto insurance rate calculations

A new proposed rule would stop education and employment from affecting a policyholder’s premiums. State Financial Services Superintendent Maria Vullo proposed a change to the New York auto insurance rate calculations. The change would stop insurance companies from using a motorist’s education level or job from being used as a factor in determining that driver’s rates. The only exception is if the insurance company can prove the job status or education level directly affects driving. The proposed New York auto insurance rules change would only allow insurers to continue using…

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Homeowners insurance rates will likely rise in New York

H. Cutner
Hurricane Sandy Homeoweners Insurance New York

Following the destruction that the state has faced, experts feel that premiums will be headed skyward. Experts are now saying that well after the gas lines have been repaired and electricity has been fully restored, New Yorkers will continue to feel the pain felt from the massive superstorm Sandy as it sends their homeowners insurance premiums higher. Predictions have placed payments from private insurers between $10 and $20 billion for the storm. The damages from the winds, alone – not to mention the flooding – has placed this most recent…

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