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New York Insurance (NY)

Cheap Car Insurance Quotes are quite difficult to find, when we are in search for a car Insurance quote in New York. We can reduce our car insurance rates, by making a thorough research of the various factors involved, which can have an effect of reducing the insurance rates.

Different procedures are involved, which we are required to follow, when we decide to purchase insurance for our automobile. In order to get a license from the New York State Insurance Department, we are required to provide a proof of the financial responsibility, of at least the minimum required insurance amount. Other higher amounts of insurance can be purchased, if any kind of need arises. In order to register a car, so as to obtain different financial responsibilities, we are required to purchase some amounts of insurance or certain things as minimum coverages. These minimum coverages include:
  • The No Fault Coverage, that is a coverage which makes provision for Personal Injury Protection. This is a special type of coverage that is used to pay the different medical expenses and earnings lost of the drivers, in case of an accident.
  • Coverage that protects the motorists, who are uninsured, which protects their family and passengers of their vehicles, in case of hit and run accidents.
  • Liability in order to protect any person against any kind of harm that may be caused with the car is driven.
Required Coverages:
  • A. Bodily Injury Liability—at $25,000/$50,000 limits, including $50,000/$100,000 limits in the event of death;
  • B. Uninsured Motorists Coverage—at $25,000/$50,000 limits, including, in the event of death, $50,000/$100,000 limits;
  • C. Property Damage Liability—at a $10,000 limit; and
  • D. Basic No-Fault—to a maximum of $50,000.
Optional Coverages:
  • A. Comprehensive—for a 2005 model car (moderately priced), with a $200 deductible;
  • B. Collision—for a 2005 model car (moderately priced), with a $200 deductible;
  • C. Bodily Injury Liability—the additional cost of raising mandatory minimum limits to $100,000 / $300,000;
  • D. Property Damage Liability—the additional cost of raising this coverage from the minimum $10,000 level to a $50,000 limit;
  • E. Additional No-Fault—the additional cost of raising
New York Superintendent Mills Marks First Full Year In Office
It was in January 2005 that Howard Mills became the chief Insurance regulator of New York, and it was at this time, that few landmark agreements were signed, with some major brokerage firms of the United States. These agreements were signed with New York State Attorney General Eliot Spitzer.With the effect of this agreement the drivers of New York saved more than $400 million, by the end of the year 2007.There was a special unit created within the Insurance department, and certain reforms were instituted related to the implementation of the different risk based exams.

New York Auto Insurance Premium Rates Fall for Second Straight Year
In the year 2005, The New York State Insurance Department, made an approval of record number of premium rate reductions that helped the policyholders to save an amount of more than $400 million. There were around 20 auto insurers that included the top three insurers, who also reduced the rates at an average of 5 %. The reductions of the rates started in the year 2004, when a letter was sent to the Department, in which industry data was showed, showing an overall loss ratio, in the private passenger market, in which the insurers set aside an amount of 86 cents, on the premium amount, that is collected. This amount was set out, in order to pay the claims, of the policyholders. The whole year of 2005 was spent in making a review of the different auto insurance rates. Those Insurance companies, that represented more than 70% of the auto insurance market, were directed to make an appearance before the Department so that a review of the rates could be made.

The two largest Insurers of New York, made reduction in rates in the year 2004, that marked the beginning of a trend, that was carried out throughout 2005.It is estimated that due to regulatory reforms and aggressive fraud fighting, there will be more reduction of rates in the year 2006.

New York Insurance Consumer Services Bureau
There is a Consumer Services Bureau that is responsible for taking care of complaints lodged by the consumers. These can be in the form of complaints, inquiries and investigations that the consumers may have against the company. In the year 2005, there were around 55,029 cases that were registered with the bureau.42492 of these were related to loss settlements, 11772 were related to automobile complaints, 25992 were other kinds of accident and health complaints, while 1267 of them were related to life and annuity complaints. On several occasions many of these complaints were closed, as there were no additional information provided, which were quite essential for the progress of the case. There were many complaints against brokers and agents along with written complaints, against the different brokers and adjusters. There were 3 cases that were related to the World Trade Center.

Licenses are provided by New York State Insurance Department, to different brokers, agents and adjusters, who operate in the different States of New York. We have been provided the opportunity to contact the Consumer Services Bureau, in case we feel that any of the licensees, have failed to act as per the New York Insurance Laws and Regulations. Our complaint can be lodged in writing, in which we are required to state the nature of the complaint. A mail can also be sent in this respect to the Consumers Services Bureau. There is a website of the company, in which we can have a glimpse of a great deal of information, on automobile information, besides other topics of various interests. The popular website is, in which you can click on to a box that is known as "Consumers", in case of making all complaints. To make a proper grievance, we will be required to follow certain instructions under the topic "How to File a Complaint or Make an Inquiry Using Our Online Form". The complaint can then be submitted either electronically or the form can be downloaded and mailed to any one of the addresses, that have been listed below.

The Consumer Service Bureau also conducts investigations on the various problems of the policyholders and also of the different claimants. There are different companies, agents, adjusters, and other issues that are related to auto insurance. We have the freedom to write to the Consumer Services Bureau, or any of the offices of the New York State Insurance Department.

One Commerce Plaza
Albany, New York 12257

25 Beaver Street
5th Floor
New York, New York 10004

65 Court Street
Room 7
Buffalo, New York 14202

200 Old Country Road
Suite 340
Mineola, New York 11501

In case of complaints that are related to auto Insurance rates, different discounts and surcharges or any other coverage premiums and other verification claims, along with general information, we can call the following:

New York City 212-480-6400
Albany 518-474-6600
Buffalo 716-847-7618
Mineola 516-248-5886
All Other Areas 1-800-342-3736

The Consumer Services Bureau employs a team of specially trained Agency Services Representatives to answer phone calls about the range of New York insurance issues. They can be reached Monday through Friday, 9:00 a.m. to 5:00 p.m. If they cannot provide you with the necessary information, they will advise you to file a written inquiry or complaint with the Consumer Services Bureau.

New York Insurance Fraud Bureau
In the year 2005, Frauds Bureau led to the arrest of 753 individuals, with many kinds of law enforcement alliances carried on the federal state and local levels. Frauds Bureau activities in 2005 resulted in court-ordered restitution of more than $5.8 million by 109 individuals. There were 12 cases in which different individuals, made voluntary restitution that totaled an amount of $ 260835.There were 41 cases, where the insurers achieved savings, relation to different fraudulent claims that were made by the Frauds Bureau. The Governor as well as legislature has been able to provide the support that has helped the bureau to combat fraud through out the State.

Many efforts have been made on the part of Federal Bureau, in order to combat no fault fraud, that helped people, to make a prosecution of the no fault fraud rings, that has also helped to take down the medical bills. There has been a decline in the no-fault fraud that showed a decrease of 30% in the period from May 2005 to May 2006.

Some of these trends, made scope of greater cooperation and collaboration by the Frauds Bureau, in which the police and the attorneys, made aggressive fighting fraud on each level.

There is estimation that as many as one third of the auto insurance claims, contain some frauds, that make the insurance premium rates to soar much higher. The licensees of the Insurance Department are required to make reports of the different fraudulent acts, on proving of which the Insurance department can fine a person an amount that maybe $ 5000, along with the amount of the claim, in addition to the penalties that may be imposed.

You have the right to report any kind of fraud, to the Insurance Fraud Bureau or send a mail to:

Insurance Frauds Bureau
New York State Insurance Department
25 Beaver Street
New York, New York 10004-2319

New York Department of Insurance Website
The main web site of the company, along with other affiliated websites, will be covering programs that are related to Caregivers, Healthy NY, and other Captive Insurers. It was in the year 2005, that there were 3,396,310 clicks made in the website of the company, that was a record increase of 32 % from the previous year. In October 2005, the website of the company was given a new look, with many enhanced tools provided for easy navigation. The new site of the company was known as, which gave a new dimension to the company. The website has been able to draw around three million visitors everyday, helping them in their search for information. The new and improved website of the company, has helped the different agents and brokers, to make easy renewal of their licenses within a very short span of time.

There were as many as 143 companies licensed so as to transact businesses in the state of New York. The total assets amounted to $2.08 trillion, in the year December 31, 2004, bonds amounted to $ 957.2 billion, stocks amounting to $61.1 billion, and short-term holdings that amount to $ 14.8 billion. There were other admitted assets that amounted to $ 819.5 million. Many domestic life insurance companies have admitted assets of $ 772.8 billion, for the year ending December 31, 2004.This was an increase of 93.1% from the year 1994.

New York Automobile Insurance

It was observed that in the year 2005, there were much less vehicles in force than that in the year 2004.This was less than 52 % from the year ended 2002.Such a decrease can be attributed to the many initiatives of the department, in order to combat fraud.

New York Auto Insurance Legislation -- "Use of Credit Information"
Article 28 has been added to the Chapter 215, of the laws of 2004, that is titled as "Use of Credit Information" This article has been able to establish certain limitations, on the use of credit information, in order to underwrite or rate risks that are associated with different lines of insurance. Any third party on behalf of the insurer can file any type of scoring model. As per this statute the insurer is prohibited from making a termination to any policy, thereby causing an increase in the renewal premium. The insurer cannot reject the application, just on the basis of credit information provided. There is a promulgated Regulation No 182 of the department that has been provided on an emergency basis, in order to implement and make clarifications of the provisions of the statute, as mandated by this legislation.