The number of New York drivers who register their cars to false addresses — an all-too-common form of insurance fraud — has soared under Gov. Hochul to more than $50 million per year, with out-of-state plate scams more than doubling, according to the state’s own figures.
The result is higher insurance costs for honest drivers, and unsafe streets for all (which lead to higher insurance costs, too).
Experts call it “insurance rate evasion” — and you see it on every street in New York City.
“I’m surprised how many people I see that supposedly live in Texas on the Upper West Side,” joked “Gridlock” Sam Schwartz, a former New York City traffic commissioner and longtime Big Apple transportation analyst.
The state Department of Financial Services quantifies the fraud annually based on information provided by insurance companies, which track policyholders misrepresenting where they predominantly use and store their vehicles to get cheaper rates.
