After attention was brought to the lack of success of deregulation, massachusetts drivers are being reminded to review their auto insurance coverage. The whole purpose for deregulation of the auto insurance system in Massachusetts was to increase competition and lower the rates for consumers. Competition has increased and more carriers are now providing policies for Massachusetts but many people aren’t seeing the drop in rates. Attorney General Martha Coakley expressed her concern about drivers not receiving the discounted rates in a recent statement.
The report notes that most consumers haven’t shopped around and therefore, rates are not being driven down. It is up to us as Massachusetts residents to create stronger competition to drive these rates down so get out there and shop around!