Business Excellence Awards
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BOSTON – An auto-insurance company has agreed to pay more than $200,000 to settle allegations that it overcharged consumers by failing to reduce premiums as drivers gained additional years of driving experience, Attorney General Martha Coakley said.
The settlement requires Safety Insurance Co. to pay $200,000 in restitution and make additional payments to automobile- and motorcycle-insurance policyholders pending the results of a review of accounts supervised by Coakley’s office.
Under the terms of the settlement, Safety is scheduled to refund the alleged overcharges, plus 6 percent interest to affected policyholders, in the fall of 2013.
The settlement also requires Safety to correct its business practices and pay $45,000 to the state. The company cooperated fully with the investigation, which mostly involved drivers in their teens or early 20s, Coakley said in a news release. •