Electric Insurance’s Massachusetts Personal Auto Rate Filing Approved by Division of Insurance

Massachusetts drivers to experience up to a 30% premium decrease

BEVERLY, MA – January 28, 2008 -- Electric Insurance Company, a Beverly, Massachusetts based national provider of auto, homeowners, condominium, and renters insurance, is pleased to announce that the Massachusetts Division of Insurance has approved their Massachusetts auto rate filing. The Division of Insurance approved Electric Insurance’s new rate structure, discounts and base rates for use beginning April 1, 2008.

Under the rate filing, Massachusetts customers of Electric Insurance will experience an average rate decrease of 9%, while some could experience up to a 30% rate decrease, and none will experience a rate increase greater than 10%. 

“As a Massachusetts company writing insurance in this state for over 40 years, we’re very committed to our valued customers in Massachusetts,” said Marc Meiches, president and chief executive officer of Electric Insurance Company.  “We’re confident that our new lower rates, discounts, and product enhancements will not only be attractive to our existing customers, but to all safe and responsible drivers in Massachusetts.” 

Discounts and Product Enhancements
Electric Insurance Company will provide Massachusetts consumers the following new discounts and product enhancements, including:

• Increased multi-car discount of 15% for insuring more than one car with Electric Insurance Company
• Multi-car discount to households with company cars in addition to a personal auto.
• Expanded low mileage discount to vehicles driven up to 16,000 miles per year.
• New 5% multi-policy discount for policyholders who also write their homeowners, renters or condo insurance with Electric Insurance.
• “Automatic Vehicle Replacement Coverage” available at no additional cost to policyholders in the event of a covered total loss or a covered theft loss, for any vehicle with an odometer reading at the time of loss of 7,500 original miles or less, and purchased within the past six months.
• Continue to offer GE exclusive discount for Massachusetts employees of General Electric.

Electric Insurance got its start by working with General Electric.  Electric Insurance Company was incorporated in 1966 to provide personal insurance solutions to GE employees.  Today, the company counts among its insured policyholders, nearly 50,000 GE employees and retirees, a significant population of which reside and work in Massachusetts.

About Electric Insurance Company
Electric Insurance Company, a national, premier provider of personal lines insurance products offered at competitive rates and with outstanding customer service, has credit ratings of “A/Excellent” from A.M. Best and “A/Strong” from Standard & Poor’s.  98% of Electric Insurance Company’s policyholders, who responded to a 2007 satisfaction survey and had a claim with the company, said they’d renew their policy with Electric Insurance Company based on their claim experience. Electric Insurance Company’s products are available to general consumers, and to GE employees, retirees, and their family and friends through select, local independent agents and the company’s Beverly, Massachusetts Customer Contact Center.

For Media Inquiries, please contact
Sue Cronin at 978-524-5649 or susan.cronin@electricinsurance.com.

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