Consumer groups have criticized auto insurance rates in New York as excessive and have sent a letter to Gov. David Paterson asking him to take action to bring prices under control.
The groups, including the Consumer Federation of America (CFA), the New York Public Interest Research Group (NYPIRG), and Consumers Union, said that premiums paid by consumers for automobile coverage is excessively high relative to the amount of claims paid out by insurance companies.
New York, they added, has been "well above the national average for the last five years" in this area. The groups stated that the combined ratio measuring profitability for auto insurance in New York over the five years ending December 31, 2006 has been 55, compared to a less profitable national average over the same period of 61.
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