Five more insurers have reached settlements with the state of Massachusetts over allegations they charged inflated premiums for motorcycle insurance, the state’ attorney general said.
The latest settlements with Arbella Mutual, Hanover, OneBeacon (Mass. Homeland), National Grange Mutual and Norfolk & Dedham Group will return $12.1 million to policyholders.
A dozen insurers in the state have now settled allegations that they rated motorcycles with inflated book values. All told, some $33.8 million is being refunded.
Arbella will refund $6.3 million, Hanover will refund $2.5 million, OneBeacon will refund $2.1 million, National Grange will refund $646,000 and Norfolk & Dedham will refund $554,000 .
Statewide, the attorney general’s office said nearly 100,000 policies were eligible for refunds.
Source: Massachusetts Attorney General’s Office
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