Motorcyclists in Massachusetts are about to receive refunds from insurance companies that may have overcharged for coverage this week. State insurance regulators have been investigating the issue for the best part of two years. Last year’s settlements brought motorists nearly $35 million in payouts. This year, three insurance companies have agreed to settle outstanding claims, which will bring an additional $5.7 million to motorcyclists in the state.
According to Attorney General Martha Coakley, Travelers, Fireman’s Fund and the Electric Insurance Company have all agreed to issue refunds for overly inflated insurance policies. The three insurers join twelve other companies that issued refunds based on a similar issue last year. According to the terms of the settlement, the money will be divided amongst the 14,000 policyholders.
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Complaints regarding excessive rates first arrived at the Attorney General’s office in early 2009. Consumers had taken issue with the way insurers were gauging the value of motorcycles and claimed that the method used made insurance coverage more expensive than it should have been. After state insurance regulators investigated the matter, they found the insurers were at fault and ordered the companies to issue refunds to policies affected by the excessive pricing.
All 14,000 refund checks will be in the mail by the end of October. Motorists believing they may be entitled to compensation are encouraged to visit the Attorney General’s Motor Insurance Refund Lookup Webpage.