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| MA. Drivers Can Now Save with Geico |
Submitted by:
Ray / Tip Hero 03/26/2009 4:16 AM
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Geico, the third largest auto insurer in the country is coming to Massachusetts. The state insurance commissioner confirmed that Geico has filed to begin offering car insurance in May. This will provide Massachusetts drivers with a low cost alternative. Even if you don't want to switch insurance providers you may want to try getting a quote from Geico and see if your current insurer will match it or offer you a retention discount.
Massachusetts has attracted several new auto insurance providers after Governor Deval Patrick introduced auto insurance reform that eliminated price regulations and allowed insurers to set their own rates. Progressive, another low cost auto insurance provider entered the Massachusetts market in May of 2008.
When low-cost airlines enter a new market ticket prices for that market typically drop. The Department of Transportation has documented this low-cost carrier pricing effect. I would expect to see a similar dynamic play out in the Massachusetts auto insurance market as new low-cost providers enter the market driving down the pricing offered by most participants. When Geico entered the New Jersey market after the state government removed pricing regulations, auto insurance premiums in the state started to fall.
Photo Credit belgianchocolate |
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