Posted on 14 Feb 2011
Attorney General Martha Coakley is calling for the rejection of a 23.5 percent rate hike in insurance premiums for taxis, trucks and small business vehicles proposed by Progressive Insurance.
Progressive already reduced the commercial motor vehicles rate increase it's requesting from 26.6 percent after the AG's office complained, but Coakley said a 23.5 percent hike is still not justified.
The Ohio-based company entered the Massachusetts market in 2007. According to the AG's office, it sold about $22 million in commercial auto insurance in the state and now holds about 3 percent of the market.
If the Massachusetts Division of Insurance accepts the new rate, it will go into effect on March 24.