Massachusetts Attorney General alleges nearly $1 billion overcharge on commercial auto insurance

Massachusetts Attorney General Martha Coakley has issued a press release alleging that businesses in the state have been overcharged by nearly $1 billion on commercial auto insurance in the past seven years.

Coakley cited data showing that insurers' underwriting profits were significantly higher in Massachusetts than the national average. She has requested that the Commissioner of Insurance reduce insurance rates so that they comply with a statute forbidding rates that are "excessive" or "unreasonably high."

Division of Insurance reports that car insurance rates have fallen 8 percent

According to this article in The Boston Globe the Divison of Insurance reports that car insurance rates have fallen eight percent since deregulation began a little more than a year ago.

The article suggested that this statistic be taken with a grain of salt, noting that the report came out just before the July 4th weekend, suggesting that the Commission was hoping it would not be closely scrutinized.