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
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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.
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