It looks like the drought of players in the Massachusetts personal auto insurance marketplace might be ending. Progressive (PGR) appears to be entering the fray, according to Insurance Journal:
Progressive Insurance said it plans to begin selling personal auto insurance in Massachusetts starting May 1 if state regulators approve the company’s rate filings, which it submitted to the Bay State’s insurance department this morning.[...]
“We appreciate the work the Division has done to create a regulatory environment that allows companies to compete for customers,” said Wilton-Bransch. “We hope that come May 1, drivers will check out progressive.com and see what we have to offer.”
Progressive is the second company to enter the partially deregulated Mass Auto market, with Liberty Mutual’s Peerless Insurance having already submitted its initial filing.
Having a new entrant into the market, at a time when the existing players are encumbered by limitations on rate changes granted to existing customers, seems like an intriguing opportunity for some entertaining pricing chaos.
Progressive will apparently start off as an online-only writer, with telemarketers getting licensed and independent agents being appointed later.
One wonders how long it will be until the Gecko or Erin will begin to grace ads in/around Boston.
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