Russ Brown Motorcycle Attorneys®: Motorcyclists Receive $2.8 Million in Refunds From Overcharging Insurance Companies
Motorcyclists in Massachusetts will receive more than $2.8 million dollars in insurance refunds. Why? That’s because two premier insurance companies overcharged thousands of motorcycle policyholders and they have recently reached a settlement. Encompass Insurance Company of Massachusetts and Amica Mutual Company allegedly and illegally used both inflated and under-depreciated motorcycle values in order to calculate their insurance premiums.
These insurance companies will be required to send out more than 10,000 refund checks to motorcyclists across the state and overcharged motorcyclists receiving an average of $280. Sadly, these insurance companies are not the first to illegally overcharge motorcyclists and other vehicle drivers. Since 2010, the Attorney General’s office has reached similar settlements with 15 other insurance companies and has returned more than $42.8 million to Massachusetts drivers.
It is important for motorcyclists to have access to the information showing how their insurance premiums are calculated. Sadly, insurance companies are not forthcoming with this information and until they do so, motorcyclists will continue to be taken advantage of. According to the law, auto insurance companies are required to calculate premiums by following the rules in a current rating manual. Instead, many of these companies routinely use out of date and overly inflated values.
For example: a 1999 Harley Davidson Road King Classic was valued at $20,000 a year each year between 2003 and 2008. When investigated, it was found that the Road King Classic was not even valued at $20,000 in 2003 and by 2008 it had depreciated to less than $12,000. They never changed the value and the motorcyclist was overcharged for 5 years.
At Russ Brown Motorcycle Attorneys®, we fight aggressively for motorcyclists and know firsthand the tricks that insurance companies routinely pull on motorcyclists across the country. If you or someone you love is injured in a motorcycle accident anywhere in the United States call us today at 1-800-4-BIKERS today.
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