Massachusetts Drivers See Insurance Rates Rise
Massachusetts drivers are starting to see higher auto insurance rates, four years after they tumbled when the state opened the market to more competition.
Many of the state’s largest auto insurers have raised rates in each of the past two years, citing the need to keep pace with the rising cost of claims for car accidents, theft, and injuries.
Some companies say they could not make enough money after they dropped rates in 2008 to compete with rival insurers or to gain market share.
The Boston Globe reports that major insurers have raised rates by a median of 4.3 percent so far this year after a median increase of 4.5 percent last year, outpacing the overall rate of inflation.
Auto insurance rates used to be set by the state.
Copyright 2024 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Popular Today
- DraftKings Sued Over ‘Risk-Free’ Bets That Were Anything But
- California Chiropractor Sentenced to 54 Years for $150M Workers’ Comp Scheme
- Beyond the Claim: How Social Canvassing is Transforming Insurance Fraud Detection
- EVs Head for Junkyard as Mechanic Shortage Inflates Repair Costs
Popular This Month
- California Sees Two More Property Insurers Withdraw From Market
- CoreLogic Report Probes Evolving Severe Convective Storm Risk Landscape
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair