New York S04935 amends insurance law to set deductibles for physical damage insurance and allows insurers to offer reduced deductibles.

New York S04935 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 dollar deductibles, zero dollar deductibles, or deductibles that diminish over time. Insurers must disclose how these deductibles interact with other policy provisions, any additional costs, and circumstances under which the deductible may be reduced or increased. The bill prohibits insurers from increasing both the insured's premium and deductible in response to the same claim or incident.

New York S04935 amends insurance law to set deductibles for physical damage insurance and allows insurers to offer reduced deductibles.

New York S04935 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 dollar deductibles, zero dollar deductibles, or deductibles that diminish over time. Insurers must disclose how these deductibles interact with other policy provisions, any additional costs, and circumstances under which the deductible may be reduced or increased. The bill prohibits insurers from increasing both the insured's premium and deductible in response to the same claim or incident.