Motorcycle insurance, like most any other type of insurance, is something us riding enthusiasts need to stay on top of. One way to do that is to compare quotes that you can get very quickly online at some of the popular motorcycle insurance companies like GEICO.
According to press release from the Mass. Attorney General, a settlement was reached on January 14, 2010 involving 3 different insurance companies in Massachusetts that were apparently over-charging motorcycle insurance policy holders.
The companies involved in the settlement: Safety Insurance Company, Liberty Mutual Insurance Company and Quincy Mutual Fire Insurance Company, will reimburse $11,100,000 as a result of the settlement reached by Martha Coakley, Massachusetts Attorney General.
Because these companies were basing the values of their customer’s motorcycles at higher than book values, the premiums charged were higher than they were supposed to be. One example was a 1999 Harley Road King “book” value of $20,000 unchanged from 2003 to 2008. The actual book value that they were supposed to be using had dropped over those years.
The motorcycle insurance policy holders affected by this suit will get $300 on average as a refund, but some will get much more.
