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.
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.
If you have a Ticketmaster account, here’s what you should know about those “free” ticket vouchers posted on Jun 22
You may have been hearing about “free” ticket vouchers in your Ticketmaster account and, like many consumers, assumed this was just another scam. It’s not. Here’s the deal: In 2003, a class action lawsuit, Schlesinger v. Ticketmaster, was filed alleging that Ticketmaster failed to …Continue Reading If you have a Ticketmaster account, here’s what you should know about those “free” ticket vouchers
Using Credit vs. Debit Cards posted on Jun 20
For many consumers, plastic is the preferred currency when making a purchase. But how does a consumer know if he/she should use a credit card or a debit card? What is the difference between a credit card and a debit card? Credit cards use …Continue Reading Using Credit vs. Debit Cards
Summer Series: Nail Salons posted on Jun 14
The arrival of warm weather means it’s time to trade your heavy shoes for some summer sandals. And for many consumers, the start of “flip-flop” season also means a trip to the nail salon. Manicurists, along with cosmetologists and aestheticians, and the salons where …Continue Reading Summer Series: Nail Salons