Massachusetts Approves New Rates for Electric Insurance Co.

Beverly, Massachusetts-based personal lines insurer Electric Insurance Co. said the Massachusetts Department of Insurance has approved its newest rate filing, which will decrease its personal auto insurance rates by an average of 3 percent.

It marks the second decrease in less than a year for Electric Insurance.

The new rates are effective Dec. 18, and are in addition to rate decreases already approved for use on April 1. Electric said that, between the two reductions, auto policyholders renewing between Dec. 18 and April 1, 2009 may save upwards of 30 percent compared to a year ago.

Michael J. Mucher, vice president for Electric Insurance, said that “many of our current policyholders will realize significant savings from this change. In addition, reducing rates creates a stronger Massachusetts-based insurance option for all drivers statewide.”

Policyholders will be notified of their new premium as part of their annual renewal package, and the realized savings will be based on a range of criteria that includes their experience, number of household drivers and previous driving records.

Source: Electric Insurance Co.