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MA to get new insurance options

Insurance companies eager to compete again in the Massachusetts market

After deregulating the auto insurance industry in Massachusetts last year, a number of big name insurance companies have re-entered the state’s market.

Massachusetts, until 2008, was the last state to impose regulations on prices set by auto insurance companies. Since the deregulation, Bloomberg reports that 11 insurance companies have entered the market to compete for customers’ business.

The latest company to rejoin the Massachusetts offering, a major national insurer, is set to begin providing plans by early November. This large insurer has been absent from the Massachusetts competitive landscape for auto insurance for about the last 20 years.

Massachusetts Insurance Commissioner Nonnie S. Burnes applauded the news.

“This filing further demonstrates that managed competition is working and Massachusetts consumers are reaping the benefits of automobile insurance reform,” Burnes was quoted as saying in a Bloomberg article.

Since the deregulation and the myriad potential insurers opening up shop again in the state, consumers should have many good options available to find cheap auto insurance.

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Posted: May 19, 2009

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