Auto Insurance Competition

A new study from Governor Deval Patrick regarding auto insurance in the state of Massachusetts, says that they need to change the way that the state handles car insurance. They say that they are the only state that state regulators handle car insurance rates, and that needs to change.

The study suggests removing the regulators and opening the state up to competitive, market based car insurance rates. The group, made up of car insurance executives, industry experts, as well as consumer advocates, says that the only way they are going to get skyrocketing auto insurance rates down is if they allow companies to compete for their residents’ business.

Patrick said that he thought that the group’s recommendations were fair and a “meaningful first step” towards helping the state out of its car insurance crisis. He thinks this will help “achieve a balance” while benefiting their drivers and the amount of money coming out of their pockets each month.

Car insurance rates in Massachusetts are some of the highest in the country, and consumers say anything that could help them pay less would be greatly appreciated. They say that they have been hollering for years about the high car insurance rates, but now it looks as though there is hope.

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