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Progressive Direct Insurance Co., which has long compared its rates to competitors, agreed to pay the state $120,000 to settle charges that it inflated the rates for rival companies, Massachusetts Attorney General Martha Coakley announced today.
Specifically, Coakley''s office accused Ohio-based Progressive, the nation''s fourth largest automobile insurer, of inaccurately comparing its six-month rates to the 12-month rates offered by other companies, such as Arbella Mutual, Liberty Mutual, and Commerce Insurance. Progressive inaccurately listed all the rates on its web site as six-month prices.
Added on: Wed May 27, 2009 10:18 am by :
RupertWBradson
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This is undoubtedly a good move to ensure fair trade practices. This would benefit the whole consumer base. It'd also bring the cost of coverage down for many who were charged wrongly by the insurer. In one word, I see all positive things happening from this decision.
