State Insurance Laws
Until recently, auto insurance in the state of Massachusetts was monopolistic in nature due to price controls instituted by the state which determined the rates that insurance companies set for the policies that they wrote. Certain levels of coverage cost a specific amount of money, regardless of which auto insurance company you went to for coverage. This had the effect of keeping insurance rates artificially high since companies were not allowed to compete for the business of customers.
Recent changes in state law, however, have done away with the price controls and now auto insurance companies are allowed to compete for their customers by setting rates, premiums and coverage levels separately based on individual need. Despite these changes in the laws, the compulsory laws regarding insurance requirements in Massachusetts remain the same, which include bodily injury coverage, property damage coverage and personal injury protection (PIP). This insurance at the minimum amounts is required in order to register a vehicle in the state.
Keep in mind that these are the minimum levels of insurance required, and they are quite low. If you are in an accident and you do $15,000 worth of damage, totaling someone’s vehicle for example, your insurance will handle the first $5,000 and you will be required to pay the other $10,000 out of pocket.
Department Of Massachusetts (MA) State Government That Regulates Car Insurance Quotes:
Web Site: www.mass.gov/doi
How To Contact Directly:
Massachusetts Div. of Insurance
One South Station, 5th Floor
Boston, MA 02110-2208
Phone: 1-617-521-7794
How To File A Complaint With The Massachusetts Div. Of Insurance