From Dealernews (and NOOOOoooo I don't have permission from wswartzwel to post this....but I went ahead because of the collective good it might do some our our friends in Mass.)
Five more insurers settle with Massachusetts AG over bike policies
Publish date: Oct 25, 2010
Five more insurance companies have reached settlements with Massachusetts Attorney General Martha Coakley’s office over allegations they overcharged customers for motorcycle polices.
The settlements, which will return $12.1 million to consumers, center around allegations that Arbella Mutual Insurance Company, Hanover Insurance Group, OneBeacon Insurance (aka Massachusetts Homeland), National Grange Mutual (NGM), and Norfolk & Dedham Group (N&D) used inflated and un-depreciated motorcycle values to calculate premiums for Massachusetts motorcycle riders, resulting in more than $12 million in overcharges.
The Attorney General’s Office reached similar settlements with seven other insurance companies earlier this year. In total, the dozen insurance companies that have settled are paying back more than $33.8 million to Massachusetts residents and more than $1.5 million to the state.
For more information about how the overcharges occurred, including charts depicting the overcharges, see
Attorney General Coakley's Motorcycle Insurance Settlements.
Under the terms of the latest settlements, Arbella is required to pay $6.3 million to consumers, Hanover is required to refund $2.5 million, OneBeacon is required to refund $2.1 million, NGM is required to pay $645,679, and N&D is required to pay $554,480 to consumers. The insurance companies are also required to make payments to the state that total more than half a million dollars.
Posted by Holly Wagner