07.01.2025 Landmark Insurance Reform Signed By Mayor Adams, Paving Way For Lower Costs For For-hire Drivers & Passengers
NEW YORK — In a major victory for New York City’s 74,000 for-hire vehicle (FHV) drivers and the millions of New Yorkers who rely on them, Mayor Eric Adams today signed into law legislation sponsored by Council Member Carmen De La Rosa (D-Manhattan, District 10) that reduces the city’s excessive auto-insurance mandate that was four times higher than the statewide requirement.
The new law cuts the outdated Personal Injury Protection (PIP) mandate from $200,000 to $100,000 per person – bringing New York City’s standard closer to the statewide level and providing long-overdue relief amid an affordability crisis.
Citizens for Affordable Rates (CAR) hailed the reform, which is expected to lower premiums, curb rampant fraud, and attract new insurers to a strained market serving Uber, Lyft, yellow-taxi, and livery drivers – many of whom are immigrants and small-business owners.