A new state-by-state analysis finds that New York ranks highest nationwide in post-crash financial exposure.

New York drivers may be among the best insured in the country, but new data shows they are also exposed to the highest financial risk after a serious crash.

 

A new state-by-state analysis from Alper Law finds that New York ranks highest nationwide in post-crash financial exposure, driven by the size and frequency of major motor-vehicle verdicts and the cost of injury-related claims.Also See: New York Among Safest U.S. States for Motorcycle Riders

New York and New Jersey have the highest financial risk scores by a significant margin, which may explain the lower uninsured driver rates and higher insurance minimums in the 2 states. New York, in particular, takes the spot for the highest financial risk. Despite accounting for just 2.7% of injury-causing motor crashes nationwide, the state has been home to 11% of the largest motor vehicle accident verdicts in recent years.

Key Findings

 

Key findings specific to New York include:

New York accounts for just 2.7% of injury-causing motor crashes nationwide, yet it has produced 11% of the largest motor vehicle accident verdicts in recent yearsIn 2022 alone, total motor tort costs in New York reached $12.9 billionThat translates to an average tort cost of more than $250,000 per injury-causing crash, the third-highest figure in the U.S.New York also has one of the lowest uninsured driver rates at 4%, reflecting stronger insurance requirements than most statesWPDH-WPDA logoThe analysis shows that while New York’s stricter insurance laws help reduce underinsurance, the severity of financial outcomes when crashes do occur is unmatched. High medical costs, dense urban traffic, and large jury verdicts mean even well-insured drivers can face significant exposure after a serious accident. Full analysis and methodology details at Alperlaw.com

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