Massachusetts Attorney General Martha Coakley announced $2.8 million in refunds Tuesday through settlements with two insurance companies that allegedly overcharged policyholders who owned motorcycles.
Encompass Insurance Company, an Allstate subsidiary, and Amica Mutual Insurance Company allegedly overcharged Massachusetts consumers illegally by using inflated and un-depreciated motorcycle values for the calculation of insurance premiums.
Under the terms of the assurances of discontinuance, Amica will pay more than $800,000 and Encompass will pay more than $2 million to policyholders. The two carriers must send out more than 10,000 refund checks before February and make civil payments of $93,600 to the state.
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