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UPDATED: Mar 13, 2020
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Massachusetts has a very rare car insurance marketplace where drivers have a very limited choice of car insurance companies. In comparison to other states which have well over 100 licensed car insurance companies, MA drivers have less than 30 to choose from.
Find Cheap Car Insurance in MA online
Why Massachusetts has so few car insurance companies is that (until recently) the state refused car insurance companies the option to deny coverage to drivers instead of letting a free market thrive. Many car insurance companies simply choose not to offer coverage in the state instead of complying with the state law.
How many car insurance companies are licensed in Massachusetts?
Currently (2011) there are less than 30 car insurance companies licensed in Massachusetts and finding cheap car insurance in MA is a little more difficult, especially for high risk drivers. The oxymoron here however is even with the low amount of competition in the Massachusetts marketplace drivers still pay premiums almost 40% lower than the national average, with annual premiums hovering around $1,010 for a full coverage policy to most good drivers.
Why do car insurance companies avoid offering coverage in Massachusetts?
Car insurance companies are for-profit companies either held privately or publically. They have no obligation to serve any market and traditional MA laws made it very hard for any car insurance company to profit compared to other states. While there are certainly those who do flourish in Massachusetts many are local providers versus national brands.
What car insurance companies offer cheap car insurance in MA?
Relatively speaking the cost of car insurance in Massachusetts is very cheap however you can stull save money by comparing providers. Even with such a limited choice of providers you still need to compare car insurance companies and choose the provider who offers the best choice of coverage and cost for your situation. Some of the car insurance companies in MA include:
- Fireman’s Fund
- Liberty Mutual
- Praetorian Insurance
Does Massachusetts have no fault auto insurance laws?
Even with a very limited selection of car insurance companies Massachusetts drivers do have many protections unavailable in most states. All car accidents fall under no-fault car insurance laws which limit your liability in most car accidents. Although accidents causing certain severe injuries or resulting from extreme negligence may not be covered, you do have the protection from nuisance lawsuits for the typical car accident.
How much car insurance do I need in Massachusetts?
All vehicles registered in Massachusetts must carry car insurance and comply with state minimum requirements which include both liability insurance and personal injury protection. The current (2011) minimum requirements in Massachusetts are:
- $20,000/$40,000 of Bodily Injury Liability
- $20,000/$40,000 Uninsured/Underinsured Motorist Coverage
- $5,000 Property Damage Liability
- $8,000 (PIP) Personal Injury Protection
These limits may sound reasonable enough however even with no fault car insurance laws you can be held personally liable for any damages exceeding your policy limits. Most drivers opt for at least $100,000 in liability insurance due to the extreme cost of medical expenses in today’s world.
Who has the cheapest car insurance in MA?
This is very hard to say as all car insurance companies base insurance premiums on risk and every driver has a unique risk profile. Drivers in Massachusetts need to learn how auto insurance works and shop around, comparing car insurance companies. Even saving $10 or $20 in monthly premiums can quickly add up and the more you know about car insurance the more you can probably save every time you need a policy. Start a car insurance comparison search for cheap car insurance in MA online and find affordable car insurance rates today!
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