State Farm auto insurance remains outside of Massachusetts

Following the end of the state-set auto insurance rates in Massachusetts three years ago, there have been over a dozen new insurers that have rushed in to take their piece of that sector. However, the largest auto insurer in the country, State Farm Mutual Automobile Insurance Co., has decided that it will be remaining outside of the state. Other insurers that have made their way in include Allstate, Geico, and Progressive. It’s believed that a fourteenth new auto insurer, Sun Prairie, Wisconsin-based General Casualty, will soon be joining that market.…

Read More

Massachusetts insurance agents rally against use of socioeconomic factors to price insurance coverage

Massachusetts insurance agents have come together to oppose the use of credit score and other socioeconomic factors when determine the cost of auto insurance. The Massachusetts Association of Insurance Agents (MAIA) will be campaigning to bring the matter before Congress, where the group hopes legislators will ban what they call a “discriminatory practice.” More than 1,400 agencies representing MAIA are currently mobilized to gather signatures from registered voters for a petition that will bear their concerns to lawmakers. The campaign has won the support of Attorney General Martha Coakley, who…

Read More

Massachusetts auto insurers under scrutiny

Massachusetts Attorney General, Martha Coakley, is taking aim at the state’s auto insurers. Coakley claims that the price for commercial coverage is excessive, costing consumers more than $1 billion over the course of seven years. The Attorney General is urging the state’s Insurance Commissioner, Joseph Murphy, to reduce rates. The notion has received opposition from many auto insurers who argue that the current rates are necessary. Coakley claims to have received information from the National Association of Insurance Commissioners and the Automobile Insurers Bureau that show consumers are paying too…

Read More