New York A06864 amends insurance law to set a standard deductible for physical damage insurance and allows insurers to offer reduced deductibles.

New York A06864 amends the insurance law to establish a standard deductible of $200 for each occurrence of physical damage insurance. The bill allows insurers to offer policies with reduced deductibles, zero deductibles, or deductibles that diminish over time. Insurers must disclose how these alternative deductibles interact with other policy provisions, any additional costs, and the potential impact on premiums. The bill prohibits insurers from penalizing policyholders with reduced deductibles by increasing both premiums and deductibles in response to the same claim or incident.

New York A06864 amends insurance law to set a standard deductible for physical damage insurance and allows insurers to offer reduced deductibles.

New York A06864 amends the insurance law to establish a standard deductible of $200 for each occurrence of physical damage insurance. The bill allows insurers to offer policies with reduced deductibles, zero deductibles, or deductibles that diminish over time. Insurers must disclose how these alternative deductibles interact with other policy provisions, any additional costs, and the potential impact on premiums. The bill prohibits insurers from penalizing policyholders with reduced deductibles by increasing both premiums and deductibles in response to the same claim or incident.