Archive for the ‘Massachusetts Auto Insurance Rates’ Category
Comparing Quotes in Massachusetts
Posted by Cassandra in MassDriver.org, Massachusets Division of Insurance, Massachusetts Insurance Agents, Massachusetts Auto Insurance Rates, Saving Money On Auto Insurance on December 30th, 2009
Auto insurance is mandatory to drive a vehicle in Massachusetts, and with good reason. Auto insurance will help pay the cost of damages to another person’s auto or property, your own vehicle, even your passengers medical bills depending on the types of coverages purchased. Although the benefits of insurance are obvious, choosing the right carrier is more difficult.
Talk to your friends, family, and co-workers about their auto insurance. Ask if they have any tips from their experience comparing quotes or have anything to say about their current carrier. Also be sure to take a look at any insurance carrier through the Better Business Bureau and National Association of Insurance Commissioners websites. Read up on the number and severity of complaints made against any auto insurance company you may be considering. Signing a policy with an company that consistently has bad reviews and serious complaints may not be in your best interest.
Try shopping online, finding and comparing quotes may be easier than you believe. After the Massachusetts auto market was deregulated many drivers have stayed with their previous insurer. A great way to save money is to compare quotes from different insurance companies.When comparing these quotes however make sure you’re comparing apples to apples. The Massachusetts Division of Insurance warns drivers:
When comparing quotes, keep in mind that coverages, limits, deductibles, and discounts have big effects on prices. A small difference in even one of these areas can make a bad quote look like a good one.
An even easier way of comparing auto insurance quotes is through a auto insurance broker. A broker represents you, helping drivers compare and find the most affordable plan. Brokers can look over insurance quotes and explain the benefits and differences between them. When shopping around give MassDrive a call. Your insurance shopping experience will be breeze when someone who knows the ins and outs of auto insurance compares the quotes for you.
Check Insurance Before Driving Rentals
Posted by Cassandra in Consumer Advocacy, MassDriver.org, Massachusetts Auto Insurance Rates, Saving Money On Auto Insurance on November 30th, 2009
As the holiday season takes full swing many travelers find themselves in need of a rental car. When purchasing rental cars most businesses will offer the option of additional insurance. It’s important for a driver to check in with their current carrier to find out what coverages would follow members of the policy.
Many drivers who already have an auto insurance policy will find their current coverage offers identical or better coverage than what rental companies offer. A number of drivers will decline the coverage without knowing what their own auto insurance policy covers leaving themselves under or uninsured. While on the contrary other consumers purchase the additional coverage which their current auto insurance would cover.
Not only is it important to consider current auto insurance, but other insurance policies held. For example someone with renters or homeowners insurance policies may cover burglary of things from inside the car. Also health insurance policies may cover the driver’s medical bills should an accident occur.
Another great alternative to checking with your current auto insurance policy is to check with your credit card company. Some credit card compaies will offer secondary auto insurance when you charge the rental. If they do offer secondary coverage, it’s still very important to call your auto insurance carrier to confirm between the two coverages damages would be paid for by them and not out of your own pocket.
Managed Compeition… Success.
Posted by Cassandra in Competition, Consumer Advocacy, Legislation, Massachusets Division of Insurance, Massachusetts Auto Insurance Rates on October 9th, 2009
April 1st 2008 Massachusetts let the auto insurance industry loose. Shifting from state regulated rates to a managed competition many changes were brought to the Massachusetts auto insurance industry and consumers.
A study by the Department of Insurance analyzing this change included: a preliminary survey of 1,100 consumers, a comprehensive 30-minute survey of more than 4,500 drivers and one-on-one interviews with over 50 insurance agents and executives. This study has shown the overall shift to managed competition to be a positive step for the average Massachusetts auto insurance consumer.
The study showed in the first year of managed competition….
- Massachusetts drivers saved over $270 million in auto insurance premiums.
- The auto insurance premium dropped by an average of 8.2 percent.
- Nine new insurance companies entered the Massachusetts auto insurance market. These new companies entering sparked a competition among themselves, bringing lower rates and better service options to customers.
- There was a 13% decrease in the number of uninsured cars on Mass roads.
As many consumers saved bundles on affordable auto insurance rates, only three out of four consumers were aware of the insurance market change. The government realizes the lack of knowledge consumers have concerning the new auto insurance industry and hopes to educate the public with more education and outreach.
Looking for a Place to Find Auto Insurance in Mass?
Posted by Eric in Massachusetts Auto Insurance Rates, Uncategorized on July 1st, 2009
Feel like your paying too much for car insurance? For younger or high risk drivers some feel that they are paying more towards their massachusetts car insurance that what their car is actually worth if it were to get totaled. For example if a car was valued at $2000 and the driver was paying $170 a month for full coverage, then in a calender year they would over pay by $40 the value of his or her car. There are plenty things that can lead up to a high monthly premium for a lesser valued car such as the driver having many traffic violations.
The key question asked at rentisky.com was “what’s a good website for comparing auto insurance rates in Massachusetts?”
A good place to find Massachusettes car insurance is massdrive.com, they are very helpful in obtaining an affordable quote.
Highway Speed Cameras – A Word of Caution: Slow Down!
Posted by Cassandra in Consumer Advocacy, Massachusetts Auto Insurance Rates on June 16th, 2009
Late at night you drive home alone on the road. A bright flash comes from behind. you check the rearview mirror, still no one behind you. You think this odd but continue on your way. Some time later you’re reading through your mail and find a speeding ticket for that night.
According to Russ Rader of the Insurance Institute of Highway Safety, speed cameras are used in 48 communities nationwide, including areas of Massachusetts.
Giving the surveillance a whole police squad can not preform every hour of the day, the hope is our roads will be safer. According to the IIHS, “speed cameras ‘can substantially reduce speeding on a wide range of roadway types.’”
-”Speed Cameras on U.S. Highways?“, Craig Howie CNN
It’s important to acknowledge these cameras, even one speeding ticket will affect future auto insurance rates. Although the cameras have not been enforced nationally, they’ve slowly been creeping across the country. Driving at the posted speed limit will not only save you from spending on tickets, you’ll save on gas too!
We’ve all had the manic driver zoom up pushing us to go a few miles faster. Whether there’s a cop waiting down the block or a camera to flash your plates, you can never be sure. Follow the speed limits and you’ll reap the benefits.
Massachusetts Auto Insurance Rates Slowly Coming Down
According the Boston Globe, Massachusetts auto insurance rates are slowly lowering for many consumers.
Other companies that have recently changed their auto insurance rates, according to published reports, include Commerce Insurance Co. of Webster, which is lowering its average rate 4.5 percent; Liberty Mutual of Boston, which is raising its average rate 4 percent; and Quincy Mutual Fire Insurance Co., which is raising rates an average of 3 percent.
“After four successive years of declining rates, including last year’s 10.7 percent decrease, loss trends, expenses, and inflation dictated a need to increase rates,” said John Natale, a spokesman for Liberty Mutual, which is based in Boston.
From Western Massachusetts: You Saved Money!
Posted by Paul in Competition, Consumer Advocacy, Massachusetts Auto Insurance Rates, Video on March 31st, 2009
WWLP in Springfield is reporting that Western Massachusetts residents saved money on auto insurance last year.
WWLP reports that customers saved money by going with a new insurance company and by leveraging managed competition with their existing agent.
Progressive raising their rates in MA – Bait & switch or natural market adjustment??
Posted by RossieReader in Competition, Legislation, Massachusetts Auto Insurance Rates, Progressive Insurance News on March 29th, 2009
The Boston Herald reports that Progressive plans to raise their rates in MA starting April 1. Critics point to this as the bait and switch they were expecting from the Ohio-based insurance company that took 1.2% of the MA auto insurance market in less than a year. Progressive representatives argue that the rate hike is a natural market adjustment after one year in MA. What do you think?
MassDriver.org rolls out new FAQs for Massachusetts auto insurance consumers
Posted by Paul in Competition, MassDriver.org, Massachusetts Auto Insurance Rates on January 21st, 2009
Buying auto insurance in Massachusetts is now an exciting enterprise. As a consumer, you’ve got choice of carrier, benefits to select from, and prices to evaluate. The team at MassDriver.org is interested in making this process as easy for you as possible – that’s why we’ve made it our mission to cover this topic for all residents of Massachusetts.
We’ve put together a series of Frequently Asked Questions to help answer your most basic Massachusetts auto insurance questions – check them out today and get your concerns addressed. Happy insurance shopping!
Study: Let the market set auto insurance rates
Posted by Paul in Competition, Consumer Advocacy, Massachusetts Auto Insurance Rates on January 20th, 2009
WHDH-TV in Boston reports on the further deregulation of the Massachusetts Auto Insurance market. The story, published in March of 2007, explains the creation of the Massachusetts Automobile Insurance Study Group by Massachusetts Governor Deval Patrick.
Most notably, the study group recommended that rates be set not by Massachusetts state regulators, but by market demand. What does this all mean? Essentially, the study group called for the creation of a completely free market for Massachusetts auto insurance, with zero government involvement in the setting of premium rates.
