When the New York City Department of Financial Services asked for opinions on which insurance plans offered the best coverage for drivers in the event of a car accident, the responses were mixed.
Some said they were not satisfied with their options, while others wanted to upgrade.
The question was then asked again, and again.
The insurance companies did not specify a specific price, but said the best insurance plans could vary.
For example, the City of Los Angeles did not have any insurance options that were competitive with the New England-based insurers, according to a spokesperson.
“This is something that we’re considering very seriously and we’re working with the insurance companies to make sure that the best plan is offered,” said Mayor Eric Garcetti, who is also running for the Democratic nomination for governor.
“It’s really important that we get the right insurance for everyone.”
One of the reasons why insurance companies are constantly looking at options is to try to find the best policies for drivers who can’t drive themselves, said John D. Baum, a former senior adviser to President Barack Obama and now director of insurance for Avalere Health, a Boston-based consulting firm.
“Insurance companies don’t want to be stuck with an insurance company that doesn’t want a driver to drive because they’re not a risk,” he said.
“And when you have a situation like that, there are not enough drivers.”
Insurers are also working with transportation authorities and government agencies to develop policies that could include a driver’s information and a driver-assistance program.
Those options could cost a lot more than what insurance companies offer, though, since they might be more expensive to offer, said Jonathan Miller, president and CEO of Avalere.