Safety Insurance Group announced yesterday January 14th 2010 it has reached an agreement with Attorney General Martha Coakley in the dispute over quoting motorcycle premiums. Safety’s settlement will backdate to certain types of coverages written on motorcycle insurance to Safety to January 1, 2002. If a customer has overpaid a premium with the new resolution since January 1, 2002 a refund will be made to the policy holder. If a customer paid a premium less than what would be determined by the standing agreement between Safety and the Attorney General additional premium will not be collected.
“Although we disagreed with the Attorney General on a number of points, we believe that after extensive discussions Safety has arrived at a resolution of the issue and an agreement with the Attorney General’s office that provides for the best interests of Safety’s policyholders. Safety had followed standard practices generally used by many Massachusetts insurance companies to calculate appropriate premiums for motorcycle coverages. It cooperated fully with the Attorney General’s review of those industry-wide practices and participated in the development of the new method.”
-Peter Rice, Safety’s outside council