Auto insurance rates calculations may be changing in Massachusetts

Auto Insurance Rates - Calculations - Money

A new bill has been proposed in the state that will alter the way premiums are calculated for drivers. A newly proposed bill in Massachusetts has the potential to greatly change the way auto insurance rates are calculated, and the amount people will be paying for their coverage in the state. The Senate bill is aimed at changing highly influential components used to calculate premiums. Among the factors that are most defining to auto insurance rates in Massachusetts is a driver’s ZIP code. However, the bill in the Senate is…

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Massachusetts auto insurance rates are skyrocketing

Auto Insurance rates for safe drivers

The state Governor is introducing a new approach to try to control this growing issue. When Governor Deval L. Patrick first made its significant deregulation changes to the once tremendously costly and extremely regulated Massachusetts auto insurance industry, five years ago, he also promised consumers that it would help them to save money as he brought in a new approach which he called “managed competition.” This strategy did work at first, with premiums falling an average of 12.7 percent from 2007 to 2009. This was according to the data from…

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National Association of Insurance Commissioners applauds achievements of deregulation of auto insurance in Massachusetts

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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Trade Group Hails Report by National Insurance Regulator Group PRESS RELEASE, BOSTON:“The verdict is in and it is remarkable: Since the introduction of competition, consumers in Massachusetts have seen their auto insurance rates decline by the most of any state in the nation,” said James T. Harrington, the Executive Director of the Massachusetts Insurance Federation (MIF.) “Polling has been clear that competition is very popular with Massachusetts consumers but now we know, too, that industry regulators throughout the country agree that the remarkable decrease by an average 12.7% for auto…

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Parent’s Supervised Driving Guide launched by Safe Roads Alliance, Safety Insurance, and the Mass RMV

Top home, auto, and commercial insurer in New Hampshire and Massachusetts, Safety Insurance, has announced that it is working with the nonprofit organization, Safe Roads Alliance, which works to promote driving safety, to offer The Parent’s Supervised Driving Guide with the support of the Massachusetts Department of Transportation Registry of Motor Vehicles (Mass RMV). Safety Insurance and Safe Roads Alliance have created the program in their combined effort to better the awareness and education of drivers in Massachusetts by offering a free resource to guardians and parents of the recipients…

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