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:

Recent Posts

Gift Card Tips posted on Nov 23

  Have you ever received a gift card as a present?  Do you know what fees are associated with that card? Do you know when it expires?  Do you know where to report if you have a problem?  Many consumers buy gift cards for others,   …Continue Reading Gift Card Tips

More than 6,600 Mass. consumers to receive refunds in mortgage lending settlement posted on Nov 20

The Massachusetts Division of Banks and 49 other state mortgage regulatory agencies have executed a Settlement Agreement and Consent Order with Prospect Mortgage, LLC. The California-based mortgage company is licensed in Massachusetts and wholly owned by Sterling Partners, a private equity firm. A multi-state examination   …Continue Reading More than 6,600 Mass. consumers to receive refunds in mortgage lending settlement

Department of Public Utilities phone scam circulating in MA posted on Nov 19

  The Office of Consumer Affairs & Business Regulation along with The Department of Public Utilities would like to inform consumers of a phone scam that is affecting Massachusetts residents. Residents are receiving calls from a business that is claiming to be a solar developer,   …Continue Reading Department of Public Utilities phone scam circulating in MA