Electric Insurance Gains Approval for Rate Decrease

Electric Insurance Company, a national provider of auto, homeowners, condominium, and renters insurance, announced that the Commonwealth of Massachusetts’ Department of Insurance has approved the company’s rate filing to decrease its personal auto insurance rates by an average of 3%. This is the second decrease in less than a year.

The company’s lower rates for qualified individuals are effective Dec. 18, 2008. This is in addition to rate decreases approved for use on April 1, 2008. Between the two reductions, auto policyholders renewing between Dec. 18, 2008 and April 1, 2009 may save as much as 30% compared to a year ago.

Policyholders will be notified of their new premium as part of their annual renewal package, and the realized savings will be based on a range of criteria that includes their experience, number of household drivers and previous driving records.