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Auto Ins Deregulated in MA

  1. #1
    The NEW hot Setup Manny's Avatar
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    Auto Ins Deregulated in MA


    Got a letter from my Ins company saying the as of April/08 Auto Ins will be deregulated in MA for the first time in 30 years.... what the hell can we expect from this change in events???

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  2. #2
    Lifer JohnnyV's Avatar
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    Auto Ins Deregulated in MA

    I'm pretty sure we'll be able to expect Geiko/StateFarm/Progressive motorcycle insurance

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  3. #3
    IWOK Prez. bigred875's Avatar
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    Auto Ins Deregulated in MA

    if you have a good driving record....a big drop in premiums....you no longer pay for all the bad drivers in your state, congrats!

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  4. #4
    Angry Gumball RandyO's Avatar
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    Auto Ins Deregulated in MA

    competition and lower rates

    if your rates go up, yer a fuckup

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  5. #5
    Super Moderator TheIglu's Avatar
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    Auto Ins Deregulated in MA

    Nice!

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  6. #6

    Auto Ins Deregulated in MA

    Auto insurance rate cuts sought
    Tuesday, December 11, 2007
    By DAN RING
    dring@repub.com


    BOSTON - Attorney General Martha M. Coakley is appealing the rates filed by three of the state's largest auto insurers, saying they are collectively overcharging drivers by $100 million.

    Coakley called for the state Division of Insurance to hold trial-like hearings on the rates of Commerce Insurance Group, of Webster; Safety Insurance Co., of Boston; and Premier Insurance, of Worcester. All three write policies throughout the state, including in Western Massachusetts.

    There were some "glaring defects" when the three companies last month filed their rates for policies starting April 1, the attorney general said. The companies inflated their losses, charged consumers for bonuses paid to agents based on the amount of business they win, and included the highest profit levels in the last 25 years, Coakley said.

    Susan K. Scott, a senior vice president and general counsel for Premier, last night defended the company's proposed rates for next year.

    "We believe our rates are fair and meet all the requirements of the law," Scott said.

    Officials at Commerce and Safety couldn't be reached for comment.

    In an interview yesterday, Coakley said she wants to make sure rates are fairly established under a competitive system for auto insurance introduced by Gov. Deval L. Patrick's insurance commis-sioner.

    "We're trying to make sure there is transparency in the rates that are finally set," she said. "A rate hearing is a way to get some transparency."

    Coakley said she won't seek hearings on rates filed by Fireman's Fund, of Novato, Calif., and State Farm Insurance, of Bloomington, Ill., which together insure about 1 percent of drivers in Massachusetts.

    Coakley urged the state's insurance commissioner to look more closely at the rates submitted by the two companies, saying they calculated excess profits and used unusual methods in projecting losses.

    The state is in transition to a system that allows companies to establish their own rates next year with strict state oversight. Previously, the state established rates.

    Insurance Commissioner Nonnie S. Burnes said the average premium cut for next year would be 7.8 percent. That would translate into about a $90 premium reduction for a good driver from Springfield.

    Coakley said yesterday the state's average premium would have fallen to 10 or 11 percent, but companies, in their initial rate filings on Nov. 19, factored in excessive profits and commissions.

    Kimberly A. Haberlin, spokeswoman for Burnes, said the attorney general's action shows she expects insurers to maintain high standards during the change to the competitive system.

    "We look forward to reviewing her concerns and continuing to work together to make the promise of lower rates for good drivers, more choices and better products a reality for consumers across Massachusetts," Haberlin said.

    Commerce, Premier and Safety filed for only about 6 percent rate cuts next year, among the smallest cuts offered by the state's 19 auto insurers, Coakley said. Collectively, the three companies insure 1.5 million of the state's 4 million drivers.

    Auto insurers filed an initial round of rates on Nov. 19 for policies that must be renewed on April 1. After reviewing those rates and sizing themselves up against competitors, companies filed a second round of rates on Nov. 27, with seven offering significant cuts from their first filing.

    Companies are also offering more extensive discounts and credits under the new system.

    The attorney general had 20 days to review the rates filed on Nov. 19. She continues to review the filings made on Nov. 27 and has until Monday to decide whether to seek rate hearings on the packages of some other insurers.

    The state's insurance commissioner would preside at hearings requested by Coakley, listen to evidence presented by both sides, and rule at a later date.

    In yesterday's appeal, Coakley challenged the accuracy of the filing by Commerce, whose statewide premium would fall by 6 percent next year, not the 8.1 percent stated by the company in its Nov. 19 filings, Coakley said.

    A spokeswoman for Coakley said Commerce, in estimating average rate cuts for next year, included discounts offered to members of AAA of Southern New England. Commerce did not include those discounts in establishing its rate changes for this year, the spokeswoman said.

    "They did an apples to oranges comparison," said Amie M. Breton. "That yielded a bigger spread."

    Insurers can file again with the state on Feb. 15 for rates that take effect May 1. More discounts and credits could be offered by companies in the February filings.

    "I think there's more room for the rates to come down," said Dean M. Florian, president of the Insurance Center of New England in West Springfield. "It's what I understand from my experience."

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  7. #7
    Posting Freak rjh200's Avatar
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    Auto Ins Deregulated in MA

    Means my insurance is probably going up more

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  8. #8
    Lifer R1's Avatar
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    Auto Ins Deregulated in MA

    How does the new step system work though?

    Does anyone even know of this. The last safety class i had i found out that the lowest point is no longer a 9 its a 00 and that you can get all the way up to 40 now as opposed to a 36.

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