According to the National Association of Insurance Commissioners, following the deregulation of the auto insurance marketplace in Massachusetts in April 2008, the average driver’s coverage premiums decreased by $133.80 per year. The Association released a report that showed that at the end of 2007, the average premium had been $1,056.91 per year. Two years later, at the same time, it had dropped to $923.11. That meant that the average decrease in auto insurance premiums was 12.7 percent per year. It noted that only the figures considered only the premiums paid…
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Massachusetts insurers banned from using credit score to price auto insurance, according to new law
A new law has passed in Massachusetts that will ban insurers from pricing auto insurance based upon socioeconomic factors. Governor Deval Patrick signed the associated bill into law this week and believes that it will afford consumers with more protections against insurers constantly on the lookout for extra money. The ban was already enacted in the state some months ago but existed only as an administrative regulation. The bill’s passage comes after months of legislative struggle and conflict between consumer advocacy groups and insurance companies. Insurers opposing the measure claim…
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