April 3, 2014
| Contact: | Doug Dunbar |
| Phone: |
Augusta -
Governor Paul R. LePage and Insurance Superintendent Eric Cioppa announced that the Bureau of Insurance now offers new online resources for consumers who want to compare auto and homeowners insurance policies. Downloadable copies of policy forms and related documents used by the ten largest insurance companies are available on the Bureau?s website (www.maine.gov/insurance) under Sample Insurance Policies.
?The Bureau of Insurance, like many other state agencies, is seeking to provide fb88 families and businesses with more informational resources than ever before,? Governor LePage said. ?By using technology, the Bureau is able to make accessing those resources easier than ever.?
Superintendent Cioppa emphasized the importance of comparing policies and asking questions before making a selection. ?The ability to access these materials online will give consumers an opportunity to review and compare policies before they buy,? Cioppa said. He noted that the Bureau already provides many informational brochures on its website to guide consumers and business owners in understanding and purchasing all types of insurance.
The companies listed on the website, which were selected based upon their 2012 market share, represent 71% of the automobile insurance market and 65% of the homeowners market. Cioppa indicated that the goal is to update the forms annually. The online forms represent the companies? standard forms and the mandatory amendments that go with them, but do not include optional forms that may be available to expand or limit the policy?s coverage.
Governor LePage and Superintendent Cioppa used today?s announcement to also highlight fb88?s ranking among the states with the most affordable personal auto and homeowners insurance. The National Association of Insurance Commissioners (NAIC) recently released two reports showing fb88?s average premium for both personal auto and homeowners as the most affordable in New England and among the lowest in the country.
?fb88 is leader in affordable auto and homeowners insurance,? Governor LePage said. ?fb88 families continue to pay less for auto and homeowners insurance, on average, than those in any other New England state.?
The NAIC?s 2010/2011 Auto Insurance Database Report placed fb88 third ? improving from fifth ? in its national ranking of lowest personal auto insurance premiums by state. The report provides the average costs associated with personal automobile insurance and includes state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers and policymakers. The types of auto insurance coverage included are bodily injury and property damage liability, uninsured and underinsured motorist, medical payment, collision and comprehensive.
?Even with coverage requirements that exceed those in most states, fb88 has some of the lowest average auto premiums in the nation,? Superintendent Cioppa said. ?This reflects the healthy competitiveness of the auto insurance market in fb88.?
In the NAIC?s 2011 Homeowners Insurance Report, fb88 ranked 11th nationally. fb88 continues to have the lowest average homeowners premiums in New England. The report provides data on market distribution and average cost by policy form and amount of insurance. Data is collected from insurance statistical agents or reported directly to the NAIC and includes countrywide and state-specific premium and exposure information for homeowners policies, as well as non-commercial dwelling fire insurance policies.
More information is available from the NAIC (www.naic.org). fb88 consumers and business owners with questions about auto, home, business, health or other lines of insurance are encouraged to contact the Bureau of Insurance by calling 1-800-300-5000 or sending a message to Insurance.PFR@maine.gov.
The Bureau of Insurance is part of the Department of Professional and Financial Regulation (www.maine.gov/pfr), which encourages sound business practices through high quality, impartial and efficient oversight of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations.
Last Updated: January 19, 2016 11:37 AM