State lands $ 14.6M motorcycle insurance settlement
News from Worcester Telegram:

BOSTON —  Thousands of Massachusetts motorcycle owners will receive insurance refunds from the state’s largest automobile insurer for overcharges on their policies, state Attorney General Martha Coakley announced Monday.

The refunds come from a $ 14.6 million settlement with Commerce Insurance Co. filed Monday in Suffolk Superior Court.

Coakley’s office says it represents the largest such agreement in the agency’s four-year motorcycle insurance investigation. Nineteen companies have now settled with the state, totaling $ 57.4 million in refunds for more than 150,000 Massachusetts policies.

The attorney general’s office says Commerce Insurance will issue refunds to more than 40,000 policyholders. The refunds will range from less than $ 50 to more than $ 1,200 and average about $ 360. The company, which is based in Webster and owned by the Spanish insurer Mapfre Group, will also pay the state $ 325,000.

Coakley’s office accused Commerce Insurance of overcharging customers between 2002 and 2011 by using inflated and un-depreciated motorcycle values.

Dan Olohan, executive vice president and general counsel for Mapfre, said in a statement that the company enacted procedures in 2005 to address the issue. He added that the company has been working with Coakley’s office to reach a resolution that was in the “best interest” of its customer…………… continues on Worcester Telegram

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Motorcycle Owners to Receive Millions in Insurance Refunds
News from abc40:

BOSTON, Mass. (WGGB) — Thousands of motorcycle owners in Massachusetts will receive a total of $ 14.6 million in insurance refunds due to a settlement with Commerce Insurance Company after they allegedly overcharged customers.

It’s the largest motorcycle settlement the state has been able to obtain according to the Attorney General’s Office.   So far a total of $ 57.4 million has been secured for consumers as a result of the AG’s Office 4 year motorcycle insurance investigation.

It all began with a single consumer complaint which has now led to settlements with 19 insurance companies since 2010 and refunds to more than 150,000 Massachusetts policy holders.

Commerce is presently the largest writer of automobile insurance in Massachusetts.

Under the terms of the settlement, which was filed today in Suffolk Superior Court, Commerce will pay $ 14.6 million in refunds on over 40,000 insurance policies, and $ 325,000 to the Commonwealth.  The insurance company is expected to begin sending out refund checks later this month ranging from less than $ 50 to more than $ 12,000 per consumer, with an average check around $ 3…………… continues on abc40

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