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…
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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…
Read MoreSafety-net healthcare used regardless of reform in Massachusetts
A recent study has shown that the new healthcare reforms in Massachusetts have failed to decrease the pressure on providers for those in the lowest income brackets. Between the years of 2005 and 2009, the number of visits to community health centers rose by 31 percent, and public and charity hospitals also experienced a notable increase in their number of patients. Leader of the study, Leighton Ku, who is the head of the George Washington University Center for Health Policy Research, said that there are a number of things that…
Read MoreAgents in Massachusetts push for insurers to discontinue their use of credit score
Independent insurance agents in Massachusetts are looking to bar credit scores from playing a part in the pricing of auto insurance. The Massachusetts Association of Insurance Agents (MAIA) is leading the charge, hoping to gain enough support from the public and insurance companies to ensure that factors like occupation, education and credit score do not contribute to the overall cost of insurance. Unfortunately, a number of prestigious insurance companies have rallied against the proposal. MAIA holds that auto insurance prices should be dependent upon an individual’s driving record, not their…
Read MoreMassachusetts tornado outbreak caused $90 million in damages just for homes
Last week, Massachusetts fell victim to an outbreak of violent tornados, causing $90 million in damage, according to Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulations. The tornados were focused in the Western region of the state, causing damage on an enormous scale. These recent figures, says Anthony, accounts only for the damage done to homes and does not factor auto and business claims. To date, more than 5,000 insurance claims have been filed, many coming from residential areas. More claims come in on a daily basis.…
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