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

Chances Are, You’ve Had to Deal with One of These 5 Consumer Issues posted on Aug 14

Last month, the Consumer Federation of America published a list of their top ten consumer complaints. In it, they named many of the issues that the Office of Consumer Affairs and Business Regulations keeps consumers informed about, ranging from auto complaints to fraud and scams.   …Continue Reading Chances Are, You’ve Had to Deal with One of These 5 Consumer Issues

The Office of Consumer Affairs and Business Regulation Offers Disaster Relief Tips for Residents of Revere posted on Aug 5

The Massachusetts Office of Consumer Affairs and Business Regulations advises residents of Revere who were impacted by last week’s tornado to be cautious as they look for repair assistance and seek to file insurance claims. It is important that consumers make sure they are hiring   …Continue Reading The Office of Consumer Affairs and Business Regulation Offers Disaster Relief Tips for Residents of Revere

Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info posted on Jul 24

Over the past week, the Consumer Hotline has received two complaints about a scam on Craigslist where buyers are scamming sellers out of money and their personal information. Callers reported being scammed when trying to sell an item on Craigslist. Online buyers would offer to   …Continue Reading Craigslist Scam Alert: How You Could You Be Paying Someone to Steal Your Personal Info