Auto Insurance
State’s auto insurers to seek 3.7 percent rate cut.
Massachusetts automobile insurers plan to seek a 3.7 percent reduction in their rates for 2007, according to three officials involved in the deliberations, making it the second year in a row the companies have asked state regulators to cut the size of their premiums.
The industry request means drivers will be guaranteed a rate reduction next year, and the odds are very good that the size of the cut will be much bigger when the state insurance commissioner sets the final rate in December. A reduction of 10 to 15 percent is possible, which would shave $100 to $149 off the current statewide average premium of $995.
Last year, the industry requested a 0.1 percent reduction in 2006 rates, the first time the companies had ever asked for a decrease. The insurance commissioner ultimately approved an 8.7 percent reduction, which cut…
Source : accessmylibrary.com
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