Drivers in New York will see a lower average rate increase than what insurers initially sought, thanks to a directive issued by the state's insurance department requiring companies to consider reduced driving due to soaring gasoline prices.
New York Gov. David A. Paterson announced in a statement that auto insurance rates will increase by an average of less than 1 percent.
The governor said this is in comparison to an average requested increase of 8 percent from regulated auto insurers before the department issued its directive. In terms of dollars, Mr. Paterson said drivers will pay "almost $515 million less than what auto insurance companies were originally seeking to charge."
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