3 Carriers Reduce N.Y. Auto Rates
New cuts in New York auto insurance rates by American International Group, Chubb and General Motors Acceptance Corp. will save the state's drivers an estimated $360 million, according to the New York Insurance Department.
N.Y. Superintendent of Insurance Howard Mills made the announcement Sunday. He said that the reductions were a result of efforts to crack down on no-fault auto insurance fraud and streamline the ways claims are processed.
A spokesman for Chubb, Mark Schussel agreed that Mr. Mills' department had done "a fine job in reducing auto insurance fraud," and he said it was "a key factor in Chubb's decision to reduce its rates in New York."
Chubb's estimated 26,000 policyholders will see their bills go down by about 4.8 percent, starting with new business in December and renewals in February of next year.
AIG's 75,000 auto policyholders will see an average reduction of 4 percent for new business starting next month and renewals in September.
GMAC's estimated 62,000 auto policyholders in the state will see an average 6 percent premium rate reduction that will take effect no later than the third quarter of this year.
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