Q&A
Impact of PIP insurance rates on fraud and injury compensation
1:22:24
ยท
102 sec
The council member and commissioner discuss the potential impact of higher PIP insurance rates on fraud likelihood and concerns about lowering the rates. Commissioner Do provides cautious responses due to limited data.
- The commissioner states he doesn't have data to suggest whether higher PIP rates increase fraud likelihood.
- Do emphasizes the importance of protecting bicyclists, pedestrians, drivers, and passengers in the event of a crash.
- Concerns are raised about whether lowering PIP insurance rates would leave injured individuals undercompensated.
- The commissioner cites a recent crash in Herald Square as an example where $200,000 coverage could be necessary for multiple injuries.
Selvena N. Brooks-Powers
1:22:24
In TLC's opinion, does the city's higher PIP insurance rate make it more likely that there'll be cases of insurance
David Do
1:22:32
fraud?
1:22:32
Again, I I don't have the data to suggest one way or the other.
1:22:36
But what I know, is that, many people have told me that this is important for bicyclists, for pedestrians, for drivers, for, passengers to be protected so that in an event of a of a terrible crash that many of these people can be paid for their injuries in a quick time period.
Selvena N. Brooks-Powers
1:23:05
Does lowering the PIP insurance rate raise concerns that injured individuals will not be effectively compensated.
1:23:13
Is the $50,000 coverage rate for injuries sustained in regular auto accidents sufficient in those cases?
David Do
1:23:22
Again, you know, I've asked for data around this from the insurance providers from, from our other partners, and I haven't seen that.
1:23:30
What what we do know though is the basics of it.
1:23:34
Is that if there is a crash that happens and there is six or more people, like, that were injured, like our Herald Square crash, on Christmas day.
1:23:47
Right?
1:23:48
We know that $200,000 could be enough, to cover big crashes like that.
1:23:57
And so I I just you know, where I see the biggest potential is the what if scenarios.