“For too long, [New York City’s yellow taxis and for-hire vehicle drivers] struggled under an outdated and deeply unfair insurance mandate, paying far more than drivers anywhere else in New York state. This burden, coupled with the city’s affordability crisis, has pushed too many to the brink. Meanwhile, the New York City Council took real action. My colleagues from both parties unanimously voted to pass legislation I sponsored to lower the Personal Injury Protection insurance requirement for NYC’s for-hire drivers – from a crushing $200,000 per person to a fairer $100,000, in far closer alignment with the statewide requirement. This common-sense reform will bring immediate savings to tens of thousands of drivers and help stabilize a market that was on the verge of collapse. With this reform, drivers are expected to save up to $300 per year in insurance costs. That’s real money for families living paycheck to paycheck, a crucial and urgent relief in an industry where the drivers’ expenses really add up.”
– Carmen De La Rosa, NY City Council
Source: City & State New York
