Electric Insurance Company has announced that the Massachusetts Division of Insurance has approved its new rate structure, discounts and base rates for use beginning April 1, 2008.
Under the rate filing, Massachusetts customers of Electric Insurance will experience an average rate decrease of 9%, while some could experience up to a 30% rate decrease, and none will experience a rate increase greater than 10%.
Electric Insurance Company will provide Massachusetts consumers with: increased multi-car discount of 15% for insuring more than one car with Electric Insurance Company; multi-car discount to households with company cars, in addition to a personal auto; expanded low mileage discount to vehicles driven up to 16,000 miles per year and new 5% multi-policy discount for policyholders who also write their homeowners, renters, or condo insurance with Electric Insurance.
Automatic vehicle replacement coverage is also available with Electric Insurance at no additional cost to policyholders in the event of a covered total loss or a covered theft loss, for any vehicle with an odometer reading at the time of loss of 7,500 original miles or less, and purchased within the past six months.
Marc Meiches, president and CEO of Electric Insurance Company, said: As a Massachusetts company writing insurance in this state for over 40 years, we’re very committed to our valued customers in Massachusetts. We’re confident that our new lower rates, discounts, and product enhancements will not only be attractive to our existing customers, but to all safe and responsible drivers in Massachusetts.