Business Excellence Awards
Please Join PBN to Celebrate the 2014 Business Excellence Award Winners on Novem ...
BOSTON – Thousands of Massachusetts motorcycle owners will receive a total of $14.6 million in insurance refunds as a result of a settlement with Commerce Insurance Co. after allegedly being overcharged on their policies, Mass. Attorney General Martha Coakley announced last week.
Under the terms of the settlement, Commerce will pay refunds on more than 40,000 insurance policies, and $325,000 to the state. Later this month, Commerce will begin sending out checks ranging from less than $50 to more than $12,000 per consumer, with an average check of about $360.
According to the settlement, Commerce allegedly overcharged certain customers between 2002 and 2011 by using inflated and undepreciated motorcycle values to calculate insurance premiums. Although Commerce changed its business practices in 2005 in an effort to comply with required rating procedures, the investigation found that some overcharges occurred even after 2006.
Coakley’s office has now obtained $57.4 million for consumers as a result of its four-year motorcycle-insurance investigation. •