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News Now

CU System
Greylock FCU heads up Mass. Senior Citizens Insurance Watch
PITTSFIELD, Mass. (4/2/08)--Greylock FCU has undertaken an initiative aimed at ensuring Massachusetts auto insurance rate reductions are not subsidized out of senior citizens’ pockets. The Pittsfield Mass.-based, $985.5 million asset credit union is undertaking this initiative, called Massachusetts Senior Citizen’s Insurance Watch, in response to the state’s new system of managed competition for auto insurance. Greylock said it wants to ensure that seniors can continue to procure affordable coverage (Values and Vision April 1). Rate structures proposed for April 2008 are expected to produce an average 7.8% decrease in rates people pay, according to preliminary estimates from the State Division of Insurance. Seniors have been receiving a 25% discount on their auto insurance, per a state statute. “Seniors living on fixed incomes in our state are already facing significant financial burdens due to the escalating costs of energy and healthcare,” said Angelo Stracuzzi, Greylock president. “The 25% discount on auto insurance is one way that the state has provided seniors with some relief from ever-increasing costs. “We urge state officials to maintain the original intent of the senior discount and help seniors benefit from any additional discounts that other drivers will be experiencing as the rates are set,” he continued. Greylock gathered more than 1,000 signatures in a few weeks after announcing the initiative, Stracuzzi said. The signatures will be delivered to State Insurance Commissioner Nonnie Burnes and Attorney General Martha Coakley, he added.


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