Massachusetts Car Insurance Market Gets Two More Companies

Massachusetts drivers have two new faces to choose from when they shop for car insurance.

Regulators announced this week that they have approved Esurance and Privileged Underwriters Reciprocal Exchange (PURE) to enter the state’s car insurance market.

The DOI said that this most recent expansion of the car coverage market was another byproduct of major reforms instituted in 2008 that traded a “fixed and established” auto coverage system of regulation for a “managed competition” system, the latter of which gave car insurers wider freedoms in setting their own rates and offering discounts than had been available to them before the overhaul.

A study published last year from the Insurance Research Council showed that the reforms brought more insurers to the state and drove prices downward.

“The announcement of two new entrants to the Commonwealth’s automobile insurance market confirms that our drivers are enjoying even more choices and opportunities,” Joseph Murphy, the DOI’s commissioner, said in a statement.

PURE Caters to ‘High Net Worth’ Policyholders

The newly minted member of the Massachusetts car insurance market says that it “exclusively caters to responsible high net worth individuals and families.”

The company employs “careful selection of members,” with its auto policyholders able to take advantage of PURE’s “member advocates.”

Members with PURE automobile coverage can rely on their “member advocate” to “help locate replacement or rental vehicles, find a specialized mechanic, and coordinate repairs following a loss,” according to the company.

“Many of our clients have found superior claims response and greater overall value in the homeowners insurance offerings of specialist carriers like PURE,” Jeff Grosser, vice president of Rodman Insurance Agency in the Boston suburb of Needham, said in a statement.  “We’re thrilled to be able to offer them a specialist solution for their automobile needs as well.”

In May, PURE began writing Massachusetts auto coverage that includes seasonal discounts for drivers whose cars “are left on Nantucket (or any seasonal residence).”

Esurance ‘Wicked Excited’ to Be in Massachusetts

Esurance blogger Ellen Hall posted about the auto insurer’s entrance into the Massachusetts car coverage marketplace, writing that the direct-to-consumer insurer is “wicked excited to be there,” borrowing an oft-spoken phrase among Bay Staters.

Covering topics ranging from the Red Sox to baked beans, Hall told readers to “toss out these fun Massachusetts facts next time you’re at a party and sound wicked smart.”

Esurance began writing Massachusetts auto policies last month.

About Ben Zitney
Benjamin Zitney has been covering the auto insurance industry for the past 2.5 years. Before coming to Online Auto Insurance News, he produced an extensive company history of the 30-year-old California Joint Powers Insurance Authority and worked at the Cal State Long Beach Daily Forty-Niner as a reporter, copy editor and news editor.

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