I suspect that a nontrivial portion of the Massachusetts auto insurance buying public might be a little upset at the timing of the limited deregulation of Mass auto pricing. After all, with new rates generally taking effect on 1 April…well, if you had to reup your policy on 15 March, you might wish that reform could have come just a couple of weeks earlier.
Well, Commissioner Burnes is reminding folks that midterm cancellations are allowed. As seen in Insurance Journal:
Massachusetts car owners who want to see if they can get a better deal under the state’s new managed competition system may decide to opt out of their existing insurance plans early.
State regulators say car owners may want to see if they can lower their costs with the new rules. Under the old system the state set a single rate for all insurers. New competitve rates go into effect April 1.
But Insurance Commissioner Nonnie Burnes cautioned buyers that before canceling an existing policy, owners should find out if their insurer charges a fee for early cancellation.