Motorcycle Owners to Get $40 Million in Insurance Refunds
It’s true. Massachusetts Motorcycle owners are getting $40 million in insurance premiums refunded back to them. Massachusetts Attorney General Martha Coakley’s office settled with fifteen insurers who allegedly overcharged on collision and comprehensive coverage of motorcycles. Coakley’s office claims insurers charged premiums based on inflated values of motorcycles — not taking into account depreciation.
Depreciation is considered the decline in value of an asset. So when you bought your $20,000 Harley-Davidson, your insurance premiums may not have been readjusted reflecting its new value every year as it gets older.
“We are pleased that our investigation, which began with a single consumer complaint, has resulted in the return of nearly $40 million to Massachusetts motorcycle owners,” Coakley said. “We are very concerned that the auto insurers in this state were able to overcharge so many Massachusetts consumers on such a large scale.”
Who says that one person can’t make a difference! All of the settlements stemmed from that one complaint to Coakley’s office about his 1999 Road King premiums. A big THANK YOU goes out to that guy for bringing this to the State’s attention.
Quick Throttle Magazine contacted the State of California Attorney General’s Office and interviewed them on this issue. They asked us for details and promised to look into it, and agreed to further calls and interviews. We will keep everyone posted on what this means for all of the Western and Central states that QT Magazines serve.
People who want to find out if they have a refund coming in Mass. can use their Attorney General’s Motorcycle Insurance Refund Lookup Webpage, www.motorcycle.ago.state.ma.us, or call the Attorney General’s Insurance & Financial Services Division, 1-888-830-6277.