Mass. motorcycle owners get refund

BOSTON – More than $5.6 million in insurance refunds will head back to Massachusetts motorcycle owners as a result of the latest settlements with insurers for allegedly overcharging policyholders, Attorney General Martha Coakley said last week.
Coakley said that 15 insurance companies have settled with her office and have agreed to return nearly $40 million to Massachusetts consumers.
Last week’s three settlements center around allegations that the insurance companies illegally overcharged their Massachusetts customers for years by using inflated and undepreciated motorcycle values to calculate insurance premiums. The attorney general’s office reached similar settlements with 12 other insurance companies last year.
Under the terms of the settlements, Premier Insurance Co. of Massachusetts will make refunds totaling $5 million, American Automobile Insurance Co. will refund $571,394, and Electric Insurance Co. will return $123,882 to Massachusetts policyholders. &#8226