Auto insurance prices that fell sharply right after deregulation in Massachusetts are climbing again.
The Boston Globe reports that 5 years right after Massachusetts started to permit insurers to set their personal rates, the average premium was about the very same as it was before the change.
According to figures from the state Division of Insurance coverage, premiums dropped about 12 % among 2007 and 2009 to a statewide typical of $ 861, saving the typical motorist about $ 122 per year.
By 2012, the average premium was back up to $ 974, only $ 9 much less than what it was just before deregulation. 2012 was the most current year that statistics have been obtainable.
State officials say deregulation has helped customers by supplying far more selection. The number of companies offering auto insurance in Massachusetts has almost doubled.
Associated Articles:
Mass. Division of Insurance coverage Approves 2 New Entrants to State’s Auto Insurance Market place
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Mass. Auto Insurance coverage Rates Climb Back Up In spite of Deregulation
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