massachusetts auto insurance agencies
The deregulation of automobile insurance in Massachusetts, USA has issued an unexpected change in consumer satisfaction: a decrease in the ever-increasing insurance prices home.
Insurers competing for auto business for the first time in decades are lowering premiums on policies of homeowners to consumers who buy both types of coverage of the same company. In recent months, some of the largest insurance companies Massachusetts, including Arbella Insurance Group, Commerce Insurance Co., Liberty Mutual Group, and Norfolk & Dedham Group, have shaved 3 to 20 percent of premiums outside owners, offering deep discounts on combined com policies.
Massachusetts Insurance Commissioner Nonnie Burnes said last week he had expected, planning in the deregulated auto insurance system that would "force insurers to pay more attention to their rates of owner from home. "She is satisfied with the results so far.
Gregory Donovan, a Quincy real estate lawyer, he learned that his auto insurance company, trade, offers a discount to customers who moved its owner policies for trade. Donovan's Westwood home was insured by Travelers of Massachusetts so he asked his agent to see if travelers could equal or better treatment of Commerce.
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Travelers offer the same price on car insurance for Donovan and his wife two Honda. But if the couple gave the company coverage of automobiles, that would get about $ 145 a break on your homeowner's policy, bringing the annual premium to $ 1085. "It's just a matter of course to combine if you can save, "Donovan said.
Until now, homeowners insurance premiums have gone nowhere but up, rising 9.2 percent last year in Massachusetts, compared with 3 percent nationally. Since 2000, homeowner premiums have increased by 85 percent in Massachusetts, $ 950 in average, compared with an increase of 63 percent nationally, to $ 826.
These premiums exclude 150,000 homeowners who buy insurance coverage in the state of last resort, the FAIR Plan. FAIR Plan rates increased 25 percent in 2006 and 100 percent since 2000.
For the first time in Massachusetts, the homeowner premiums have exceeded the cost of a single automobile policy. Except for the FAIR Plan, homeowners insurance premiums in Massachusetts are not regulated.
Deregulation Order, which came into force on 1 April, brought new competition to the long-dominant companies car insurance, such and Trade. In his defense, the largest auto insurers began offering uninterrupted coverage of the owner. Meanwhile, companies secure with a large presence in the homeowner's side to protect their existing business of poaching. So they are reducing premiums owners through discounts on combined coverage.
"If trade offers huge savings on the car, which will suck away houses, competitors, Stacey said Souza, director of the office in GV & Y. Westwood Insurance Agency,
Timothy Hegarty, president of the Norfolk and Dedham Insurance Company, said his company increased its ownership discounts last summer by about five percentage points, from 10 to 15 percent discount, in anticipation of deregulation automobile, 15 percent is a savings of $ 150 in a typical policy.
"The catalyst was the change in the auto market – no doubt" said.
In October, Arbella also increased its discount owner premiums from 15 percent to 20 percent. Arbella wanted to keep car customers, while expanding the business of your landlord, said Andrea L. MacKay, vice president. A drop in claims from homeowners in 2006 also paved the way for the reduction, he said.
A larger discount Arbella premium reduction of average homeowner $ 699, $ 730 last year.
Other insurers that include increased rebates Liberty Mutual and Commerce, while Quincy Mutual Fire Insurance is awaiting approval the state to do so. Some insurers are also offering discounts for combined, for the first time, officials said.
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AUI International Insurance Agency of Lowell, MA
