Massachusetts has approved two automobile insurance companies—Privileged Underwriters Reciprocal Exchange and Esurance—bringing the number of auto insurers doing business in the state to 34.
“The announcement of two new entrants to the Commonwealth's automobile insurance market confirms that our drivers are enjoying even more choices and opportunities,” said Insurance Commissioner Joseph G. Murphy, in a statement.
In 2008, Governor Deval Patrick introduced managed competition to Massachusetts's auto insurance market, allowing companies to develop their own rating plans and offer benefits and discounts to customers who have incident-free driving records. Previously, the state set auto insurance rates.
Fifteen insurers, including PURE and Esurance, have entered the market since the law was passed.
“We welcome giving consumers and businesses more choices in purchasing insurance,” said Undersecretary Barbary Anthony of the Office of Consumer Affairs and Business Regulation. “Consumers can shop safely and drive with security because of the growing pool of established insurers.”
PURE, which operates in 44 states, began writing Massachusetts insurance policies on May 4 and Esurance, which writes policies in 38 states, began writing on July 19.
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