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.
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