NU Online News Service, Oct. 13, 3:34 p.m.EDT
|Massachusetts Attorney General Martha Coakley said her officereached agreements with five more insurers regarding allegationsthat they overcharged motorcycle riders for insurance.
|In total Ms. Coakley's office has reached similar agreementswith a dozen motorcycle insurers that will pay back more than $33.8million to policyholders and $1.5 million to the state, she said ina statement.
|The newest companies to settle are Arbella Mutual InsuranceCompany, Hanover Insurance Group, OneBeacon Insurance, NationalGrange Mutual and Norfolk & Dedham Group. They have agreed toreturn $12.1 million to policyholders, according to the AttorneyGeneral's office.
|Ms. Coakley said the insurers allegedly used inflated motorcyclevalues to calculate premiums, resulting in overcharges.
|The office launched an investigation after a single complaintfrom a Lynnfield, Mass., man who noticed that his insurer wascharging him the same premium year after year though his 1999motorcycle depreciated greatly in value, Ms. Coakley said.
|Arbella is to refund $6.3 million to customers; Hanover willrepay $2.5 million; OneBeacon will return $2.1 million; NationalGrange will refund about $645,680; and Norfolk & Dedham willpay back about $554,480. The insurers also agreed to pay the statea total of more than $500,000.
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