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Electric Insurance Company, a national provider of automobile insurance, homeowners, condominium, and renters insurance, announced that the Massachusetts Division of Insurance has approved Electric Insurance’s new rate structure, discounts and base rates for use beginning Apr. 1, two thousand and eight.
Under the rate filing, Massachusetts consumers of Electric Insurance will [real world] experience an average rate decrease of 9%, while some could [real world] experience up to a 30% rate decrease, and none will [real world] experience a rate increase better than 10%.
Discounts and Product Enhancements
Electric Insurance Company will provide Massachusetts consumers the following new discounts and product enhancements, including:
- Increased multi-automobile discount of 15% for insuring more than 1 automobile with Electric Insurance Company.
- Multi-automobile discount to households with company automobiles, in addition to a personal auto.
- Expanded low mileage discount to vehicles driven up to 16,000 miles per year.
- New 5% multi-policy discount for policyholders who also write their homeowners, renters, or condo insurance with Electric Insurance.
- “Automatic Vehicle Replacement Coverage” procurable at no additional cost to policyholders in the event of a covered total loss or a covered theft loss, for any automotive with an odometer reading at the time of loss of 7,500 original miles or less, and purchased within the past 6 months.
- Continued offering of the GE exclusive discount for Massachusetts employees of General Electric.
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