Massachusetts has approved two automobile insurancecompanies—Privileged Underwriters Reciprocal Exchange andEsurance—bringing the number of auto insurers doing business in thestate to 34.
|“The announcement of two new entrants to the Commonwealth'sautomobile insurance market confirms that our drivers are enjoyingeven more choices and opportunities,” said Insurance CommissionerJoseph G. Murphy, in a statement.
|In 2008, Governor Deval Patrick introduced managed competitionto Massachusetts's auto insurance market, allowing companies todevelop their own rating plans and offer benefits and discounts tocustomers who have incident-free driving records. Previously, thestate set auto insurance rates.
|Fifteen insurers, including PURE and Esurance, have enteredthe market since the law was passed.
|“We welcome giving consumers and businesses more choices inpurchasing insurance,” said Undersecretary Barbary Anthony of theOffice of Consumer Affairs and Business Regulation. “Consumers canshop safely and drive with security because of the growing pool ofestablished insurers.”
|PURE, which operates in 44 states, began writing Massachusettsinsurance policies on May 4 and Esurance, which writes policies in38 states, began writing on July 19.
|Want to continue reading?
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