Massachusetts Auto Insurance
Massachusetts
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The state of Massachusetts used to operate under a 'fixed and established' system for setting auto insurance rates, under which the state determined what auto insurance rates would be, rather than the insurance companies. All Massachusetts insurance companies charged the same premiums, based on particular categories of rates, for every driver. Massachusetts has since changed its auto insurance system to managed competition. This means that Massachusetts drivers can compare insurance companies and choose the coverage they want. It also allows the insurance companies to be more competitive by setting their own rates. The new system went into effect in 2008 and applies to individuals who purchase or renew insurance policies on or after April 1st, 2008. Aspects of the managed competition system are already effective while others will be incorporated gradually.
How will the new system affect your premium? During the first year of managed competition, many Massachusetts drivers will experience a decrease in their premiums, but an estimated 20 percent will experience an increase. While your personal driving record will not have as much of an impact on your premium as it did before, you are likely to pay a higher premium if you are a young driver, urban driver, senior citizen, or unmarried driver. If you renew your policy between April 1, 2008 and March 31, 2009, your insurance company is not allowed to increase your premium payment by more than ten percent, unless of course you move, have an accident, receive a ticket or buy a car.
Although there are big changes in the Massachusetts auto insurance system, the mandatory minimum coverage has stayed the same. All drivers must have insurance for bodily injury to others with a $20,000 per person and $40,000 accident minimum, personal injury protection with a mandatory limit of $8,000, property damage insurance with a $5,000 minimum, and $20,000/$40,000 coverage for bodily injury caused by an uninsured automobile. With the major changes in the state's insurance system, consumers should be careful to compare companies and find the lowest rates for the best coverage. Find free side-by side quotes online when comparing Massachusetts auto insurance policies.