Tuesday, 19 February 2008
Auto Insurers Now Set Their Own Rates in Massachusetts
Last year, Massachusetts decided to rethink their auto insurance regulations. The Bay State was the only state in the country that didn’t allow insurance companies to set their own rates. State regulators and the insurance commissioner set the prices.
But starting April 1, the state will hand over the responsibility of setting rates to the insurance companies, reported the Daily News Tribune.
The change is expected to bring down auto insurance rates in Massachusetts an average of 7.8 percent.
The state’s auto insurers are readying for the change by offering lower rates for drivers and new benefits. Companies such as Liberty Mutual and Hanover Insurance Group are trying to attract new customers with accident forgiveness programs for good drivers and lower deductibles.
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