An announcement from Attorney General Martha Coakley has stated that Massachusetts motorcycle owners who have been overcharged by their insurers will be receiving over $5.6 million more in refunds following the most recent settlements.
All told, there are 15 motorcycle insurance companies involved in the settlement with the attorney general, agreeing to refund almost $40 million to their policyholders in Massachusetts.
Coakley’s press release, which announced the settlement, said that she is satisfied with the investigation that was initiated by the complaint of one customer, but that “has resulted in the return of nearly $40 million to Massachusetts motorcycle owners.” She also added that she is worried about the fact that the situation of overcharging of consumers in the state by insurance companies was allowed to occur in the first place, and “on such a large scale”.
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There were three total settlements which were focused on the allegations that the insurers have been taking part in illegal overcharging of their customers in Massachusetts, and have been doing so for a number of years by way of un-depreciated and inflated motorcycle values that were used for the premium calculations. Twelve other auto insurers reached comparable settlements with the Attorney General’s Office in 2010.
Motorcycle owners who are eligible for a refund under this settlement with the Attorney General’s Office are those who have purchased coverage with a comprehensive and/or collision insurance policy for a motorcycle on or following January 1, 2002. The motorcycle has to have been given an inflated or un-depreciated value by the insurance company when its premiums were calculated.
The Attorney General’s Motorcycle Refund Lookup Webpage can be used by consumers who believe they may qualify for the refund, to help determine if they are eligible: www.motorcycle.ago.state.ma.us