Travelers of Massachusetts has announced that in response to the increase in new purchases – which, according to the Massachusetts Registry of Motor Vehicles, is expected to beat the 310,547 purchased last year by 7 percent – it is launching the New Car Discount. This will help the residents of Massachusetts who have purchased new cars to obtain greater savings on their auto insurance. In fact, drivers with new vehicles – that is, those that are less than three years old – will be able to use it to obtain…
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Massachusetts insurance agents withdraw ballot initiative to ban the use of credit score to price insurance
In September, the Massachusetts Association of Insurance Agents (MAIA) launched a campaign to ban the use of credit score and other socioeconomic factors in determine the price of insurance coverage. The campaign was endorsed by Attorney General Martha Coakley, and MAIA had a goal of gathering some 70,000 signatures to ensure the issue was on the ballot for the next legislative session. Faced with mounting legal costs and pleas from legislators, MAIA has withdrawn its ballot initiative and will pursue an alternative method of bringing the issue before the Legislature.…
Read MoreMassachusetts 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 MoreMAIA proposes 2012 referendum ballot to stop socioeconomic factors from impacting auto insurance premiums
The Massachusetts Association of Insurance Agents (MAIA), a group based in Milford, has put forth a proposal for the 2012 election for a ballot referendum that would stop auto insurers from becoming able to use socioeconomic factors to underwrite their insurance. This practice is already banned by the state, but the MAIA is seeking to continue making it illegal to use information such as a person’s education, job type, and credit score for determining an individual’s auto insurance premiums. That said, organizations that represent auto insurers are arguing for the…
Read MoreMassachusetts 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…
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