Hanover lowers motorcycle premiums
The Hanover Insurance Group Inc. of Worcester said today it is lowering premiums in Massachusetts for motorcycle insurance policies by 8.5 percent.
The new rates will be effective April 1, Hanover said.
After 30 years under a system in which state regulators set auto insurance rates in Massachusetts, the administration of Governor Deval L. Patrick is moving to what it calls managed competition, under which insurers set their own rates, subject to regulatory approval; the administration has said that managed competition will lower rates for good drivers, expand policy benefits, and bring new competitors into the market.
In a statement about motorcycle insurance rates, Vincent Nieroda, president of The Hanover's Massachusetts personal lines group, "This is one more example of how good drivers in the state can benefit from managed competition."
(By Chris Reidy, Globe staff)
