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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AUTO INSURANCE COMPETITION A BIG SUCCESS IN BAY STATE
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…
Read MoreMassachusetts 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…
Read MoreState 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.…
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