NY A02779

Allows insurers to offer physical damage insurance with reduced dollar deductibles, zero dollar deductibles, or deductibles that diminish over time and potentially reach zero.

Requires insurers to disclose to insureds how such deductibles interact with other policy provisions, any additional costs, circumstances for reduction or increase, and effects on premiums.

Prohibits insurers from simultaneously increasing both an insured's premium and deductible in response to the same claim or incident, though either increase alone is permitted.

Maintains existing standard deductible of $200 per occurrence for physical damage insurance, with minimum deductibles of $50 for comprehensive/theft/fire coverage and $100 for collision coverage.

Takes effect immediately upon enactment.