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Five Auto Insurance Companies In MA May Have Overcharged Customers
According to the article “Five Auto Insurers Must Recalculate Customer Bills” by Johnny Diaz on boston.com, the Massachusetts Attorney General settled with 5 Massachusetts auto insurance companies that might have charged higher rates to policy holders because of driving record information that was inaccurate.
The state of Massachusetts says the auto insurance companies failed to update at-fault information reported to The Comprehensive Loss Underwriting Exchange. This is a private database which is used to determine driving histories. The error may have resulted in higher premiums for some of the customers with these 5 companies.
The auto insurance companies will need to pay the state over $100,000 within 10 days as part of the settlement. They also must identify affected customers within 120 days and recalculate their rates. If this problem was not caught as soon as it was, quotes on auto insurance may have been inflated for these certain customers for years to come.
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