Massachusetts drivers can choose from a variety of auto insurance
companies including some new insurers in this very competitive auto
insurance coverage industry. Deregulation of the Massachusetts Auto
Insurance market began on April 1, 2008. With deregulation of the auto
insurance industry in Massachusetts, this law promises to not only bring
down auto insurance rates, by adding more competition, but it also
serves as a test of Deregulation of State Policy that has been in effect
for almost thirty years.
Auto Insurance Rates won't be set by the State
Auto
insurance rates will not be set by the state; however, the controversy
over who gets to insure the State's worst drivers will remain an issue.
The newest Auto Insurance Providers which are going to start marketing
in Massachusetts, might be exempt from covering high risk drivers with
poor driving records, for three more years. This will allow new insurers
to build up a competitive edge when competing against the current auto
insurance providers in the state.
More Options for Low Cost Auto Insurance for Consumers
The
Commissioner of Insurance will still approve rates for auto insurance
premiums, the changes will allow Auto Insurance companies in
Massachusetts to offer many new insurance plan options. Consumers will
be able to select more customized auto insurance plans and so the new
law creates more insurance choices. The new auto insurance plans include
new limits for plans and more range in deductibles which will allow
insurers to be able to customize auto insurance plans.
Advantages from this deregulation may include:
• Lower premiums for good drivers
• Credit based pricing decisions - so, if your credit is good you could pay less
•
Surcharges can be defined by the Insurer instead of the
State (in a competitive situation this could lead to lower surcharges
for good drivers)
• Deductibles that can vary depending on circumstances, your history
• Rates based on family size
How do you find the Best Auto Insurance Company?
At
the time this article was written, there were nineteen Auto Insurance
companies offering auto insurance in Massachusetts. Most of the state's
licensed auto insurance agents only represent a few of these companies.
So in order to find out who is offering the best plans, you may want to
look to several different resources while doing your auto insurance plan
research.
The Internet provides you with a considerable amount of
disorganized but relevant information. You can do online research, if
you know how to do sift through lots of web sites to find what you need
to know. But we all have searched online and spent hours looking at what
we needed. With so many Auto insurance companies in Massachusetts
having web sites online, you can search online for hours and not find
the best low cost auto insurance plans.
If you want to trim down
your search you may want to visit us for more information on the new
updates to Massachusetts Insurance plans as they become available. We
offer free information on the latest developments for insurance plans of
all types. Need more information on your state insurance, individual,
health, ppo or hmo plans?
You Can Get Lower Auto Insurance Rates - Deregulation of Massachusetts Auto Insurance
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