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Home > Property Insurance Coverage > Home Owners Insurance > Safety Insurance Company
Safety Insurance Company
There are two kinds of auto insurance. They are Compulsory and Optional.The Commonwealth of Massachusetts requires you to purchase Compulsory Insurance. Compulsory insurance includes Bodily Injury to Others, Personal Injury Protection i.e. PIP, Bodily Injury Caused by an Uninsured Auto, Damage to Someone Else's Property. Optional Insurance includes Optional Bodily Injury to Others, Collision, Limited Collision, Medical Payments, Substitute Transportation, Towing and Labor, Comprehensive, Bodily Injury Caused by an Underinsured Auto.
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The Company is a leading provider of private passenger automobile insurance in Massachusetts. In addition to private passenger automobile insurance they offer a portfolio of property and casualty insurance products, including commercial automobile homeowners, dwelling fire, umbrella and business owner policies. Operating exclusively in Massachusetts through their insurance subsidiaries, Safety Insurance Company and Safety Indemnity Insurance Company, they have established strong relationships with 637 independent insurance agents in 743 locations throughout Massachusetts.
They have used these relationships and their extensive knowledge of the Massachusetts market to become the second largest private passenger automobile carrier, capturing an approximate 11.3 percent share of the Massachusetts private passenger automobile insurance market, and the fourth largest commercial automobile carrier, with a 9.0 percent share of the Massachusetts commercial automobile insurance market in 2005. They were incorporated under the laws of Delaware in 2001, but through their predecessors, they have underwritten insurance in Massachusetts since 1979.
Their share of the Massachusetts private passenger automobile insurance market has grown from 9.8 percent in 2000 to 11.3 percent in 2005. As a result of this increased market share and the expansion of their product offerings, their direct written premiums have increased by 51.9 percent between 2000 and 2005, from $427.4 million to $649.1 million. They have also maintained profitability in part by managing their cost structure through, for example, the use of technology. Over the same period, their insurance subsidiaries have maintained an ‘A’ rating from A.M. Best Company.
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