Consumers Know Best On Car Insurance
Boston Globe:
Some people think drivers in Massachusetts are not smart enough to shop for car insurance – and that the state should continue to mandate rates and policy features, depriving drivers of choice. Unlike every other state and the District of Columbia, which trust consumers to buy car insurance by choosing from among competing products and prices, Massachusetts has refused to loosen the command and control regulatory structure in place since the mid-1970s. As a result, consumers have fewer companies to buy from and fewer product and pricing choices than in all other states.
Fortunately, Governor Deval Patrick and Insurance Commissioner Nonnie S. Burnes have more faith in the people of Massachusetts and have signaled a willingness to introduce measured reforms intended to increase choice while preserving consumer protections and appropriate subsidies. We urge their prompt action. As the state’s largest property and casualty insurance firm, Liberty Mutual will continue to compete for business in every Massachusetts neighborhood so that the benefits of reform will be available to every driver in the state – urban or suburban, young or old.
Car insurance rates have fallen in each of the last 3 years, so it’s easy to understand why some question the wisdom of changing things now. Yet every objective review of our auto insurance system, including the Governor’s Task Force, has come to the same conclusion: Despite the shiny veneer, the system has serious cracks that need to be fixed.
Drivers are definitely smart enough to choose their own insurance! Nice article!