Today’s Headlines

  • Enviro Groups Happy With Biden as Obama VP Pick (Grist
  • Summer Streets Draws to a Close (NYT
  • Fieldston, Bronx to Limit Auto Access for 24 Hours (R’dale Press)
  • CA Commuter Line Struggles With Bike-and-Ride Increase (Planetizen
  • Eighth Ave Bike Lane Not a Gay Issue (Chelsea Now)
  • Driving While Distracted: The New DUI (NYT)
  • NYPD Cruiser Crashes Are Up (NY1
  • Traffic Agent’s Baby, Delivered After She Was Hit by Van and Bus, Dies (News
  • Hit-and-Run Killer Sues City Over Damaged Car (Post, News)
  • City Drivers Complain of Rising Insurance Rates (News)
  • Larry Littlefield

    The articles about auto insurance really bother me, because they fail to mention the two of the most important facts.

    1) The insurance cycle. When the investment markets are up, insurance companies make big returns on the money they hold between the time they take it in and the time when they have to pay it out. So they cut rates to make more money. But when stocks and bonds lose money (like now), they have to raise rates enough not only to cover payments but also investment losses.

    You know that mortgage crisis? Losses on mortgage bonds mean higher insurance premiums.

    2) The purpose of insurance regulation is to make sure premiums are high enough. That’s right, high enough. The goal is to avoid a situation in which insurance companies offer cut rates to bring in a lot of business, pay out dividends and salaries, but then don’t have enough money to pay the claims when they roll in. Unless rates are high enough to cover claims, insurance is worthless.

  • The hit and run guy suing the city:

    The website for the auto shop he owns, 212 Motors, proudly displays their ability to put TV screens in front seats. Seeing that, I wonder how many other car deaths he’s indirectly responsible for. I really wish the best for him. I hope the community service after a deadly hit and run didn’t hurt his business too much.

  • Red
  • rex

    20 days community service for hit and run. I thought hit and run was a felony. It makes me wanna puke, (preferably on this guy’s Bently).

  • Red, that’s huge! All we need is the Daily News and Paul Newell will have all of the big papers!

  • vnm

    Re City Drivers Complain of Rising Insurance Rates (News):

    “This is a heavy hit for drivers,” said Russell Haven of the New York Public Interest Research Group. “The Insurance Department should be extremely skeptical of rate increase requests in the face of substantial reductions in driving mileage.”

    Valentin said he pays $3,400 for annual coverage on a 2003 minivan – and that’s without tickets or accidents.

    “I don’t blame people who go out of state and register their car,” he said. “It’s just too high.”

  • I had no idea insurance cost so much! That’s obscene… What next, gas rising above $2.50 / gallon??

  • nobody

    And how exactly is it in the public interest to lower car insurance rates? Why is NYPIRG promoting driving?

    “I don’t blame people who go out of state and register their car,” he said. “It’s just too high.”

    I do blame them. Tough. Arrest them.

  • Thank goodness Chelsea Now’s editorial staff understands that a protected bike lane on 8th Ave is not a gay issue!