Post Content

Undersecretary Barbara AnthonyPosted by:
Barbara Anthony, Undersecretary of the Office of Consumer Affairs and Business Regulation

 

Our Office recently did an informal online survey regarding auto insurance that drew 232 respondents, and it showed again that shopping around for a policy can save consumers money on their coverage.

Q1 pie The survey found that more than 60 percent of respondents saved money on their car insurance. Twenty-seven percent of the respondents saved more than $300. That means more than two out of every five people saving money saved more than $300. That is a pretty good outcome.

We also found, as we have heard from consumers for some time, that more than half of the respondents increased their coverage. We have seen evidence that consumers are putting some or all of their savings back into their policies in the form of increased coverage. This is also good news for consumers.

Our switch to managed competition is just over two years old, but the reforms by the Patrick-Murray Administration are paying off. Since the start of 2008, we estimate drivers have saved more than $477 million on their car insurance policies. That’s a lot of money. Twelve new companies have entered Massachusetts (we had 19 when managed competition started), which means we now have 31 companies competing for consumers’ business. That competition has led to lower rates, more discounts, and more benefits for many drivers.

To reap the full benefits of the changes, however, consumers need to shop. A good place to start is the Division of Insurance’s auto rates comparison website.

To see the entire set of results from our survey, click here. And to participate in our current survey, regarding holiday shopping habits, click here.

Written By:


Jayda Leder-Luis is the Communications Coordinator at the Office of Consumer Affairs & Business Regulation.

Recent Posts

Understanding Medical Bills posted on Apr 10

Understanding Medical Bills

Whether it’s for a routine physical or an emergency ER visit, everyone receives medical bills. While extremely common, these bills are often unclear and difficult to decipher. Oftentimes, medical bills use codes and shorthand to describe the services you received, making it difficult to tell   …Continue Reading Understanding Medical Bills

Top 5 Consumer Issues of 2014: Lemon Law and Auto Issues posted on Mar 24

#5 – Lemon Law and Auto Issues Last week, the Office of Consumer Affairs and Business Regulation held its annual Top 5 Press Conference at the Massachusetts State House, highlighting the top consumer issues from 2014. The top four issues were insurance, banking and non-depository   …Continue Reading Top 5 Consumer Issues of 2014: Lemon Law and Auto Issues

Top 5 Consumer Issues of 2014: Cable Service posted on Mar 23

#4 – Cable Service Last week the Office of Consumer Affairs and Business Regulation held its annual Top 5 Press Conference at the Massachusetts State House, highlighting the top consumer issues from 2014. In previous blogs we described some common problems with our top three   …Continue Reading Top 5 Consumer Issues of 2014: Cable Service