Fair & Accurate Quotes Bill
Posted on January 27, 2021
MAIA (Massachusetts Association of Insurance Agents) proposed that their Fair & Accurate Quotes Bill become law. This was proposed as a result of complaints coming into insurers, and in return, loss of business in some cases. But why were these complaints coming in? Not all insurers were required to run the prospective client’s driving record before binding an auto policy. Independent agents were the only individuals that were required to do so. As we all know, your driving record can often have a huge impact on your auto insurance rate. This new law will require any insurers doing business in MA to run the prospect’s MA driving record prior to issuing a policy. They must also disclose that the preliminary quote may not be accurate if they do not run the driving record before issuing.
This is a win for all drivers in MA because their MA auto rates will be fair and honest, while considering the driving records of the policyholders.
Click on the link to learn more MAIA – Fair & Accurate Quotes Bill.