Insured motorcycle drivers in Massachusetts get ready for refunds

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…

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Massachusetts motorists to receive refunds for overly priced motorcycle insurance

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…

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The right choices mean consumers can save more money on motorcycle insurance

Motorcycle owners who aren’t ready to give up their vehicles over the price of insurance premiums are coming up with some effective ways to save money and yet still maintain the level of coverage that they need. The first step is to make certain that the opportunity for theft or vandalizing of the motorcycle is reduced. When you buy a bike, make sure that you have a place to store it. Since they don’t require that much space, a small portion of your garage, or even a shed will usually…

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New dirt bike law may decrease recreational vehicle insurance rates

President Obama has signed a law that is designed to bring some relief to Americans who are affected by a product safety law that was enacted in 2008 in order to prevent children from obtaining toys containing lead. The law went into effect in 2011 and risked prohibiting the sale of four-wheelers and dirt bikes meant for children aged 12 and younger. Businesses selling these recreational vehicles, and the families who purchase those vehicles from them, asked the federal government for assistance in overcoming this struggle. Congress passed House Resolution…

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Understanding what is required from motorcycle insurance

motorcycle

The Motorcycle Industry Council’s data indicates that more than half – 55 percent – of all motorcycle riders were aged 40 or higher as of 2008, and this has changed the landscape of motorcycle insurance. In 1990 – a mere eight years earlier – only one-quarter of all motorcycle riders were in that same age bracket.  These drivers are no longer people who are young and feel that they are invincible.  Instead, the average motorcycle rider typically has a minimum of some college education, with a great deal more in…

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