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Auto Insurance: Insurers
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If Geico does march into Massachusetts, it will face competition from about 19 other insurers including the largest auto writer, Commerce Insurance, which recently pulled a major public policy u-turn. Commerce had opposed changes to the system but now says it is fully onboard the competitive rating bandwagon. It even says it now supports the new assigned risk plan which last year it went to court to block.
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InsWeb enables consumers to compare multiple, actionable quotes for auto, term life, health, homeowners, renters and condominium insurance offerings from many of the nation's highly rated insurers. The top-rated online insurance marketplace ... provides live customer service, interactive tools and independent research. Headquartered in Sacramento, Calif., InsWeb is accessible at www.insweb.com.
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Until this year, auto insurers had their rates fixed and established by the insurance commissioner. But beginning in April, 2008, insurers are being allowed to compete using their own rates under a new managed competition system. Insurers file individual rates which become effective unless the commissioner disapproves them.
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The insurance industry says Florida should operate a fault-based auto insurance system. Eliminating PIP could mean reduced rates and save consumers an average of $250 a year on their policies, according to the Property Casualty Insurers Association, or PCI.
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According to a recent report from a gubernatorial task force, there are 19 insurers now writing in the Massachusetts private passenger automobile insurance market. More than 60 percent of the business is written by companies that write either exclusively or primarily in Massachusetts.
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