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Although consumer advocacy groups say many good drivers will receive automobile insurance rate increases and may bad drivers will receive large rate decreases some say the new Massachusetts Auto Insurance policy will be beneficial to all.
Massachusetts’ Division of Insurance renewal automobile insurance system, called managed competition, will be profitable for most of the drivers.
For the first time in 30 years, automobile insurance outfits can now set their own rates to good drivers, offer more product choices and better services. The new measure, which went into effect on Apr. 1, will save at least 10% for good drivers on their two thousand and eight automobile insurance premiums and rates.
Consumers may be able to take advantage of this new policy even before their current automobile insurance policy expires. All consumers are allowed to cancel or change insurance outfits any time during the term of their policies.
Before making a change, however, the state is instructing Massachusetts drivers to contact their insurance agent or insurance company cause insurance outfits sometimes charge a fee, known as a “short rate value,” for early cancellation.
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