Shocking news! Paying more, getting less!

It’s called greed.

If you live the great state of New York, you’ve witnessed a stark climb in the cost of insuring your vehicle. But I’ll bet you didn’t know that auto insurers operating in New York were paying out less in claims.

Says Newsday:

Auto insurers earned $10.5 billion in premiums in New York State in 2005, a jump of nearly 29 percent from $8.2 billion in 2000, according to a report by [New York City Comptroller William] Thompson’s office. But during the same period, the report found, insurers’ losses dropped by more than 20 percent, from $6.4 billion to $5.1 billion. [emphasis added]

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