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Who cares
Headline styles
Sponsors
3 Co-sponsors
History
- Referred to consumer protection
- Referred to consumer protection
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the general business law, in relation to collision damage waiver caps
Purpose
To raise the cap on the amount that may be charged for optional vehicle insurance provided by rental car companies.
Summary of provisions
Section 1: Amends General Business Law section 396-z(2)(a) to allow rental car companies to charge up to $12 per full or partial 24-hour rental day for optional vehicle protection if the manufacturer's suggested retail price (MSRP) is $30,000 or less, and up to $15 per full or partial 24-hour rental day for optional vehicle protection if the MSRP is greater than $30,000.
Section 2: Effective date.
Justification
In 2001, a new law was enacted to allow for optional vehicle insurance. The fee was capped at $9 per day for vehicles with a manufacturer's suggested retail price (MSRP) of $30,000 or less and $12 per day for vehicles with an MSRP greater than $30,000. While the cap is allowed to float at a market rate in most other states, it has not been raised in New York since its establishment 8 years ago. With the rising cost of auto insurance, the premium charged needs to be allowed to increase for car rental companies as well. This legislation would remedy this inequity by raising the cap on optional vehicle insurance to $12 per day for vehicles with an MSRP of $30,000 or less, and to $15 per day for vehicles with an MSRP greater than $30,000.
Legislative history
New Bill.
Fiscal implications
No impact on the State.
Local fiscal implications
None.
Effective date
This bill shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.