"Geico wants to sell in Mass.; Drivers could see lower premiums" by Jeffrey Krasner, Globe Staff | March 21, 2009
Geico, the nation's third-largest auto insurer, says it plans to start selling policies in Massachusetts, a move that could lower premiums for many drivers.
The company, known for its TV commercials featuring a talking gecko, filed papers yesterday with the state Division of Insurance and could win approval to begin offering products within six weeks.
Geico's decision to come to Massachusetts - the only state where it does not already do business - is seen as an endorsement of the competitive auto insurance system introduced a year ago by the Patrick administration and spearheaded by Insurance Commissioner Nonnie S. Burnes. Under the new rules, companies set their own rates. Previously, insurance rates were largely set by the state, resulting in only minimal price differences between companies. Massachusetts was the last state to have such a system....
The Maryland-company is owned by Berkshire Hathaway, which is controlled by billionaire Warren Buffett.... Geico sells directly to consumers, including through its website. That is seen as a threat to insurance agents.
Oooooh, now I see why Geico wasn't here. Insurnce agents being protected in this state.
Related: Insurance Companies in Good Hands in Massachusetts
When Progressive began selling policies here last May, it quickly signed up thousands of drivers, some of whom said they saved several hundred dollars or more. But there are no reliable figures available yet to show how much money consumers statewide may be saving under the new system. Still, Peter Robertson, legal counsel to the Property Casualty Insurers Association, said managed competition is benefiting Massachusetts drivers....
Then why did it take so long? Legislature and MSM too worried about the gay marriage issue, huh?
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