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Auto insurance rates down 13%

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January 19, 2012|By Chris Reidy

Premiums for auto insurance in Massachusetts decreased by nearly 13 percent between 2007 and 2009 after the state stopped setting auto insurance rates, according to a report by the National Association of Insurance Commissioners.

The average premium for personal auto insurance in Massachusetts, from the end of 2007 to the end of 2009, fell from $1,056 to $923, or 12.7 percent, according to the report. During the same period, the national average premium decreased by 1.4 percent. Massachusetts’ average rate dropped the most in the country.

“Managed competition helped Massachusetts drivers see premiums drop at a higher rate than the rest of a country, a benefit we expected to be part of this reform,’’ Joseph G. Murphy, the state’s commissioner of insurance, said in a statement. “Consumers have a larger choice of company, coverage, and cost under this system, and shopping around for auto insurance can maximize those benefits.’’