“There is currently no easy way for consumers to determine what the market prices for insurance are, what each company will charge a particular individual, and what discounts and special coverage options are available”.
Consumers in other states have been using the yellow pages for years. Generally a call to an agent will give you “market prices”
How about all the Massachusetts jobs lost to other states… Nice Job bringing out of state carriers in…Rates will go up even higher in the future best attorneys mind there own business.
Deregulation DOES work – look at the other 49 states in this country! The consumer has to bear some responsibility in gaining a certain amount of knowledge about what they are buying. In CT for instance, there are so many p/c carriers the consumer does win in the end…
A liberal, anti-corporation attorney general’s report. Yeah, that’s unbiased and all. How about this ridiculous conclusion: “Many consumers whose rates decreased paid more than they should have after the market was deregulated. Had the regulatory rate-setting process occurred in 2008, rates would have been reduced for essentially all consumers, with average rate reductions much greater than those seen under deregulation.” WTF? The rates went down but they should have gone down more? That’s the reason to re-regulate Mass auto….so people can pay higher rates again?
Now that the market can self-correct itself for poor driving habits, Mass drivers must naturally pay more. Has no one driven around New England lately? Mass drivers are TERRIBLE.
.. an agent that has the time or energy to quote with “every company” that does business in a particular state. Especially since it normally requires that you are appointed with the company to do business with them.
Most companies don’t want to have to deal with agencies that have low production figures with them. And not all companies are ones that agents want to deal with.
I myself, only quote with 5 companies regularly for auto insurance. I don’t have the time to run figures for more.
It’s the consumer’s choice and responsibility to shop around.
Time after time, it has been demonstrated that the free market will ultimately provide the best price for the consumer. Realistically, would any company file for low rates in a rate-regulated environment if they feel they’ll be stuck with them when things go bad and they cannot get a rate increase? And, with all the TV advertising about low cost insurance, there’s no competition in the auto insurance business?? What are the folks in Mass. thinking? Remember when NJ went to heavy rate regulation? Several leading insurers left the state. When the regulation was eased, they returned. Companies will not purposely increase their rates if it drives business away. Like all business, they’re in business to make a profit and where there are no sales, there’s no profit. What always amazes me about regulators is that they profess to know what a fair profit is, as opposed to an “excess” profit, and what the consumer should be paying for their insurance. Gee, I’d like to know what I should be paying for food, or a flat screen TV, but don’t have the “advantage” of a regulator to tell me what that is. I have to do research or clip coupons to find that out but I guess when it comes to insurance regulators want to step in and do the job the consumer should be doing themselves.
Consumers must take the responsibility to shop for the best rates. Mass was the only state left that set auto insurance rates – what are the other 49 states doing better than Mass? The rates for good drivers have gone down while the rates for bad drivers have increased and the territorial subsidies are still in place.
had the state set rates they would have been lower. Yeah this is probably true. the industry was willing to give 8% the AG called for 11% it probably would have been about 9.5%
additional profits; typical bleeding heart, oh those terrible profits! not all of this profit came from rate by the way, some was a decrease in agency compensation. Also the one time i agreed with Comm Burns is that if the profit target of some insurers was excessive the market would respond accordingly.
easy way for a consumer to get info: sure there is, the consumer needs to stop relying on the nanny state, pick up the phone call a local agent ask who they represent, get a quote, ask what the differences are between companies. Unfortunately what the consumer does is jumps at the cheapest price and stops listening to the agent. The nanny state has trained consumers to do this so maybe the nanny can re educate consumers properly. The website provided by the DOI is misleading and should be taken down immediately, and then the state should stay the hell out of the quoting process.
Have not been offered all discounts: This I blame in part in consumers and in part on insurance agents. The agent needs to take the time to ask ALL discount questions, the consumer needs to also take the time to answer the questions instead of getting impatient. Basically help us help you! If you’re an agent get off your *** and help your prospects.
Most agents typically cannot or do not provide price quotes for more than a few.
It’s not the AG’s job to tell me how many carriers to represent, i represent 7, its a pain in the ***, but its worth it in my opinion, another agent may not be comfortable with more than say 3, well the market will respond. also if you want more carriers in agencies then do something about the volume commitments as that does limit the number of carriers one can represent.
Lastly Martha your dad owned an agency if i recall, which means you should now all of this, i believe you do but you need to further your political agenda. When you’re a Politian and need to make political hay you go after an industry the public perceives as evil and rich. Although no one seems to mind us when we send those claim checks!
Proof that deregualtion does not work? are you kidding me? Look at our rates compared to those across the country? The dereg was such a small step it does not encourage enough competition. And martha’s comment on finding out competitive quotes? Oh please. She is a joke. The comment before about the yellow pages is dead on.
Dereg DOES work. I am a good driver and live in a working class suburb. My rates went down (as they should). That means someone else who isn’t a good driver or who lives in a town with a track record of theft etc. had their rates go up (also, as they should).
Mark, I like your response. I would add one thing. Deregulation in Massachusetts is not the same as deregulation elsewhere. For example, I live in a rural town. I am still being overcharged to subsidize insurance rates for urban drivers. This means, of course, that we get more cars in urban areas, less public transportation ridership and ultimately more of my money to subsidize public transportation that I do not use.
Multivariate rates take into consideration more than just driving history, just like eligibility for a loan or a job with a modicum of responsibility considers more than just payment or work history.
In the healthcare debate, the libvs talk about the term “monopoly”, as in “in some states blah-bla-blah carrier has a monopoly…”. Well, that is because based on the statutes governing insurance – like medical in NYS – there is no WILLING carrier because the rules make it impossible to stay afloat, let alone make any money.
And, God forbid an organization should actually turn a profit!
This is socialist propoganda at its worst – at least on a state level. Pravda would be proud.
As a long time liberal who is now running for the late Ted Kennedy’s senate seat, Coakley’s opinions on the effects of deregulation in the state are about as biased as one can be.
Coakley recently “cited the unregulated stock market, predatory lending, and health care reform as the key issues she would be tackling if elected senator.”
That says it all…
talking with an independent agent in Massachusetts is the BEST way to drive down auto insurance rates. sure, insurance is expensive – but you can find affordable coverage! Paul Murphy
After deregulation occured, many were very skeptical because it did not seem to drive down insurance prices. In fact, some people were seeing increases.
After this occured, lots of emphasis was put on the responsibility for consumers to shop around. When consumers shop around it creates more competition, which leads to lower premiums.
Now after some time since deregulation, Massachusetts has made it to the list of the top ten for lease expensive auto insurance states.
This doesn’t mean its time to stop though, consumers should continue to search for the best deal for their dollar. The first step in doing that is staying up to date on what’s going on in the market!
I have been driving for 14 years, rely on Public Transportation 100% of the time to get to/from work, am a step 99 and have never once had a ticket or gotten in an accident. I just got my renewal in the mail from my current carrier to the tune of a double digit increase. I can’t help but feel I am still subsidizing the bad drivers!
“There is currently no easy way for consumers to determine what the market prices for insurance are, what each company will charge a particular individual, and what discounts and special coverage options are available”.
Consumers in other states have been using the yellow pages for years. Generally a call to an agent will give you “market prices”
Proof that deregulation of personal lines insurance doesn’t work for the consumer.
How about all the Massachusetts jobs lost to other states… Nice Job bringing out of state carriers in…Rates will go up even higher in the future best attorneys mind there own business.
Deregulation DOES work – look at the other 49 states in this country! The consumer has to bear some responsibility in gaining a certain amount of knowledge about what they are buying. In CT for instance, there are so many p/c carriers the consumer does win in the end…
A liberal, anti-corporation attorney general’s report. Yeah, that’s unbiased and all. How about this ridiculous conclusion: “Many consumers whose rates decreased paid more than they should have after the market was deregulated. Had the regulatory rate-setting process occurred in 2008, rates would have been reduced for essentially all consumers, with average rate reductions much greater than those seen under deregulation.” WTF? The rates went down but they should have gone down more? That’s the reason to re-regulate Mass auto….so people can pay higher rates again?
That says it all for me
Now that the market can self-correct itself for poor driving habits, Mass drivers must naturally pay more. Has no one driven around New England lately? Mass drivers are TERRIBLE.
You stay classy, Mass!
.. an agent that has the time or energy to quote with “every company” that does business in a particular state. Especially since it normally requires that you are appointed with the company to do business with them.
Most companies don’t want to have to deal with agencies that have low production figures with them. And not all companies are ones that agents want to deal with.
I myself, only quote with 5 companies regularly for auto insurance. I don’t have the time to run figures for more.
It’s the consumer’s choice and responsibility to shop around.
…Commissioner prosecute criminals in Massachusetts?
Time after time, it has been demonstrated that the free market will ultimately provide the best price for the consumer. Realistically, would any company file for low rates in a rate-regulated environment if they feel they’ll be stuck with them when things go bad and they cannot get a rate increase? And, with all the TV advertising about low cost insurance, there’s no competition in the auto insurance business?? What are the folks in Mass. thinking? Remember when NJ went to heavy rate regulation? Several leading insurers left the state. When the regulation was eased, they returned. Companies will not purposely increase their rates if it drives business away. Like all business, they’re in business to make a profit and where there are no sales, there’s no profit. What always amazes me about regulators is that they profess to know what a fair profit is, as opposed to an “excess” profit, and what the consumer should be paying for their insurance. Gee, I’d like to know what I should be paying for food, or a flat screen TV, but don’t have the “advantage” of a regulator to tell me what that is. I have to do research or clip coupons to find that out but I guess when it comes to insurance regulators want to step in and do the job the consumer should be doing themselves.
Consumers must take the responsibility to shop for the best rates. Mass was the only state left that set auto insurance rates – what are the other 49 states doing better than Mass? The rates for good drivers have gone down while the rates for bad drivers have increased and the territorial subsidies are still in place.
Making big headlines right before the election for US senator in MA. SURPRIZE!!!
Let’s take these one at a time:
had the state set rates they would have been lower. Yeah this is probably true. the industry was willing to give 8% the AG called for 11% it probably would have been about 9.5%
additional profits; typical bleeding heart, oh those terrible profits! not all of this profit came from rate by the way, some was a decrease in agency compensation. Also the one time i agreed with Comm Burns is that if the profit target of some insurers was excessive the market would respond accordingly.
easy way for a consumer to get info: sure there is, the consumer needs to stop relying on the nanny state, pick up the phone call a local agent ask who they represent, get a quote, ask what the differences are between companies. Unfortunately what the consumer does is jumps at the cheapest price and stops listening to the agent. The nanny state has trained consumers to do this so maybe the nanny can re educate consumers properly. The website provided by the DOI is misleading and should be taken down immediately, and then the state should stay the hell out of the quoting process.
Have not been offered all discounts: This I blame in part in consumers and in part on insurance agents. The agent needs to take the time to ask ALL discount questions, the consumer needs to also take the time to answer the questions instead of getting impatient. Basically help us help you! If you’re an agent get off your *** and help your prospects.
Most agents typically cannot or do not provide price quotes for more than a few.
It’s not the AG’s job to tell me how many carriers to represent, i represent 7, its a pain in the ***, but its worth it in my opinion, another agent may not be comfortable with more than say 3, well the market will respond. also if you want more carriers in agencies then do something about the volume commitments as that does limit the number of carriers one can represent.
Lastly Martha your dad owned an agency if i recall, which means you should now all of this, i believe you do but you need to further your political agenda. When you’re a Politian and need to make political hay you go after an industry the public perceives as evil and rich. Although no one seems to mind us when we send those claim checks!
Proof that deregualtion does not work? are you kidding me? Look at our rates compared to those across the country? The dereg was such a small step it does not encourage enough competition. And martha’s comment on finding out competitive quotes? Oh please. She is a joke. The comment before about the yellow pages is dead on.
Dereg DOES work. I am a good driver and live in a working class suburb. My rates went down (as they should). That means someone else who isn’t a good driver or who lives in a town with a track record of theft etc. had their rates go up (also, as they should).
Mark, I like your response. I would add one thing. Deregulation in Massachusetts is not the same as deregulation elsewhere. For example, I live in a rural town. I am still being overcharged to subsidize insurance rates for urban drivers. This means, of course, that we get more cars in urban areas, less public transportation ridership and ultimately more of my money to subsidize public transportation that I do not use.
SAVE $435 ON AUTO INSURANCE http://insurancequote.tk/
Multivariate rates take into consideration more than just driving history, just like eligibility for a loan or a job with a modicum of responsibility considers more than just payment or work history.
In the healthcare debate, the libvs talk about the term “monopoly”, as in “in some states blah-bla-blah carrier has a monopoly…”. Well, that is because based on the statutes governing insurance – like medical in NYS – there is no WILLING carrier because the rules make it impossible to stay afloat, let alone make any money.
And, God forbid an organization should actually turn a profit!
This is socialist propoganda at its worst – at least on a state level. Pravda would be proud.
As a long time liberal who is now running for the late Ted Kennedy’s senate seat, Coakley’s opinions on the effects of deregulation in the state are about as biased as one can be.
Coakley recently “cited the unregulated stock market, predatory lending, and health care reform as the key issues she would be tackling if elected senator.”
That says it all…
talking with an independent agent in Massachusetts is the BEST way to drive down auto insurance rates. sure, insurance is expensive – but you can find affordable coverage! Paul Murphy
After deregulation occured, many were very skeptical because it did not seem to drive down insurance prices. In fact, some people were seeing increases.
After this occured, lots of emphasis was put on the responsibility for consumers to shop around. When consumers shop around it creates more competition, which leads to lower premiums.
Now after some time since deregulation, Massachusetts has made it to the list of the top ten for lease expensive auto insurance states.
This doesn’t mean its time to stop though, consumers should continue to search for the best deal for their dollar. The first step in doing that is staying up to date on what’s going on in the market!
I have been driving for 14 years, rely on Public Transportation 100% of the time to get to/from work, am a step 99 and have never once had a ticket or gotten in an accident. I just got my renewal in the mail from my current carrier to the tune of a double digit increase. I can’t help but feel I am still subsidizing the bad drivers!