View this article online: https://www.insurancejournal.com/news/east/2007/11/09/84891.htm
As Massachusetts prepares to open up its private passenger auto insurance market to more competition, The Hanover Insurance Group, Inc. is ready to drive in with coverages it has been offering in other states but not in the Bay State.
Hanover, which already writes auto, home and business insurance in Massachusetts, announced it is getting ready to offer its popular Connections˙ Auto product that includes diminishing deductibles, accident forgiveness and loan gap coverage.
The insurer said it will request approval of Connections Auto from the Department of Insurance on November 19 and plans to offer the product for new and renewal business effective on or after April 1.
It will be sold exclusively through Hanover’s independent agent partners in Massachusetts.
With Connections Auto, some of the features The Hanover will introduce include:
Diminishing deductibles: Collision damage deductibles will be reduced by $100 at each renewal, for each year a policyholder goes without a chargeable accident, up to a maximum of $500. For example, if a policyholder has a $500 collision deductible and does not have a chargeable collision for five or more years, the company will waive the deductible entirely if the policyholder is involved in an accident.
Lease/loan gap coverage: This protection covers the difference between what a policyholder owes on his or her auto loan or lease and what the vehicle is worth before it is totaled. As a result, in the event that a policyholder is involved in an accident and his or her car is a total loss, Connections Auto will cover the unpaid balance on a lease or loan, even if it is more than the value of the vehicle.
Accident forgiveness: The Hanover under certain conditions will waive the surcharge for one at-fault accident under a driver’s policy every 36 months.
In addition to these coverages, The Hanover said it will also make available new coverages such as expanded rental reimbursement, which pays eligible car rental costs for an extended time if an insured’s vehicle is damaged in an accident, and new vehicle replacement cost, which pays for a new vehicle if an insured’s vehicle is involved in an accident and declared a total loss within one year of purchase.
Available in 17 other states countrywide, Connections Auto has been successful for the company in providing competitive coverages and pricing and fast quotes for consumers.
“We are very excited that the new environment now enables us to introduce our innovative Connections Auto product to drivers in Massachusetts,” said Vincent Nieroda, president of The Hanover’s Massachusetts personal lines group. “This will be the first of many improvements and innovations we will deliver to our agent partners and their customers.”
Source: The Hanover Insurance Group, Inc.
www.hanover.com