Attorney General Thomas Reilly will seek at least a ten percent cut
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August 28, 2005
Source: Associated Press
BOSTON Attorney General Thomas Reilly will seek at least a ten percent cut in the state's auto insurance rate _ and maybe more _ when he makes a formal recommendation later this month.
Reilly says auto insurers enjoyed hefty profits at the expense of drivers last year and it's time for drivers to recover some of the money.
The Automobile Insurers Bureau of Massachusetts is seeking a one-tenth of one percent rate cut for drivers next year marking the first time in recent memory the industry has asked for a cut instead of hike. Reilly says that would translate into about a one-dollar savings on the average car insurance policy of about one-thousand dollars, while his recommendation would return a least 100-dollars.
Both recommendations will go to Insurance Commissioner Julianne Bowler, who is scheduled to set the final 2006 rate in December.
Copyright 2005 Associated Press
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