New York A 6864: Relates to deductibles for physical damage insurance

Bill Text

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A06864 Summary:

BILL NOA06864 

&nbsp

SAME ASSAME AS S04935

&nbsp

SPONSORCook (MS)

&nbsp

COSPNSRTaylor, Colton, Reyes, Buttenschon, Williams

&nbsp

MLTSPNSRDavila

&nbsp

Amd §3411, Ins L

&nbsp

Relates to deductibles for physical damage insurance.

Go to top A06864 Actions:

BILL NOA06864 

&nbsp

03/14/2025referred to insurance

01/07/2026referred to insurance

Go to topA06864 Committee&nbspVotes:

Go to topA06864 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topA06864 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 6864

 2025-2026 Regular Sessions

 IN ASSEMBLY

 March 14, 2025
 ___________

 Introduced by M. of A. COOK, TAYLOR, COLTON, REYES, BUTTENSCHON,
 WILLIAMS -- Multi-Sponsored by -- M. of A. DAVILA -- read once and
 referred to the Committee on Insurance

 AN ACT to amend the insurance law, in relation to deductibles for phys-
 ical damage insurance

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Subsection (k) of section 3411 of the insurance law is
 2 amended to read as follows:
 3 (k) (1) Each insurer which offers physical damage insurance subject to
 4 the provisions of this section shall offer such insurance with a stand-
 5 ard deductible of two hundred dollars for each occurrence. The insured
 6 shall, however, at the inception of the policy or at the annual anniver-
 7 sary date, or at the time of the replacement or addition of an automo-
 8 bile, have the option of purchasing a policy with a lesser deductible,
 9 but in no event may the insurer sell a policy with a deductible of less
 10 than fifty dollars for fire, theft or comprehensive insurance coverages
 11 (one hundred dollars for assigned risk policies issued pursuant to para-
 12 graph two of subsection (a) of section five thousand three hundred three
 13 of this chapter) and one hundred dollars for collision insurance cover-
 14 age except that window glass coverage may be sold without a deductible.
 15 Each insurer which offers physical damage insurance subject to the
 16 provisions of this section shall also offer physical damage coverages
 17 with co-insurance or deductible provisions or combinations thereof as
 18 the superintendent may prescribe, including but not limited to deduct-
 19 ibles of two hundred fifty dollars, five hundred dollars and one thou-
 20 sand dollars.
 21 (2) Notwithstanding the dollar limits for deductibles in paragraph one
 22 of this subsection, an insurer which offers physical damage insurance
 23 subject to the provisions of this section may offer a reduced dollar

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD05946-01-5

 A. 6864 2

 1 deductible, a zero dollar deductible or a deductible that diminishes
 2 over time and may ultimately be reduced to zero dollars.
 3 (3) An insurer who offers a reduced dollar deductible, a zero dollar
 4 deductible or a deductible that diminishes over time shall disclose to
 5 the insured or potential insured at the time such a deductible is
 6 offered or a policy that has such a deductible is renewed how such a
 7 deductible would interact with the other provisions of the insured's
 8 policy, any additional cost to the insured for having such a deductible,
 9 the circumstances under which the deductible may be reduced or dimin-
 10 ished, if and under what circumstances the deductible may be increased,
 11 and the effect that the deductible may have upon the insured's premium.
 12 (4) Under no circumstances shall an insurer penalize an insured who
 13 has a reduced dollar deductible, a zero dollar deductible or a deduct-
 14 ible that diminishes over time by increasing both the insured's premium
 15 and deductible in response to the same claim or incident. This paragraph
 16 shall not be construed to prohibit an insurer from increasing either the
 17 insured's premium or deductible in response to the same claim or inci-
 18 dent.
 19 § 2. This act shall take effect immediately.

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