Mass. bikers to receive windfall from insurance companies
Tens of thousands of Massachusetts motorcycle owners will receive a total of $12.1 million after they were allegedly overcharged by their auto insurance companies, the attorney general's office said.
The office said it reached settlements with five auto insurance companies—Arbella Mutual Insurance Company, Hanover Insurance Group, OneBeacon Insurance, National Grange Mutual, and Norfolk & Dedham Group—that had allegedly calculated premiums with “inflated and un-depreciated motorcycle values."
Similar settlements were reached with seven other insurance companies earlier this year. So far a total of $33.8 million has been returned to consumers and $1.5 million has been returned to the state, according to the statement.
“We began our industry-wide investigation into motorcycle insurance based on a single consumer complaint,” Attorney General Martha Coakley said in a statement. “As this investigation demonstrates, and as the insurance companies in this state know, when consumers bring complaints to our office, we listen and we take action.”
Coakley is being challenged in the Nov. 2 election by Republican James McKenna.
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