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While drivers across the country curse at the rising cost of fuel and insurance premiums, drivers in Massachusetts rejoice because approximately 70-80% of Massachusetts drivers can now enjoy auto insurance rate decreases by 20-35%. These rate decreases are the result of the new managed competition system that went into effect April 1, 2008. For the first time in 30 years, the Massachusetts Insurance Commissioner is not setting uniform rates for all insurance carriers.

The Benefits of the New Auto Insurance System

Prior to the inauguration of the managed competition system, the rate-setting system only took into account driving record, driver experience, and the base location/garage of the vehicle. Factors such as age, sex, marital status, and credit score were irrelevant, and accident-forgiveness was unheard of.

Now that drivers in Massachusetts can have their picking, insurance carriers are pulling out all the stops in an effort to maintain their customer bases. Insurance carriers offer Massachusetts drivers more than lowered rates; carriers now offer new product features, add-ons, and deep discounts.

Massachusetts Auto Insurance Requirements

The law requires Massachusetts drivers to carry a minimum of 20/40/5 standard liability coverage ($20,000 per person per accident for bodily injury, $40,000 total per accident for bodily injury, $5,000 in property damage per accident). All together, Massachusetts drivers are required to carry the following types of coverage:

• Bodily Injury Liability
• Physical Damage Liability
• No-fault Personal Injury Protection
• Uninsured Motorist Coverage.