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News Now

CU System
Greylock urges affordable insurance for elderly
Joan Garivalitis of Pittsfield, Mass., signs a letter of support at GreyLock FCU to keep auto insurance rates low for senior citizens.
PITTSFIELD, Mass. (2/22/08)--GreyLock FCU is spearheading a signature campaign urging Massachusetts lawmakers to prevent senior citizens from being forced to pay insurance rates equal to or greater than everyone else, as the state embarks upon a new system of managed competition for auto insurance. By statute, Massachusetts seniors have been receiving a 25% discount on auto insurance. “Seniors living on fixed incomes in our state are already facing significant financial burdens due to the escalating costs of energy and health care,” said Angelo Stracuzzi, president of the $943.5 million asset, Pittsfield, Mass.-based credit union. “The 25% discount on auto insurance is one way that the state has provided seniors with some relief from ever-increasing costs.
Greylock FCU President Angelo Stracuzzi displays more than a thousand signatures urging Massachusetts state officials to keep managed auto insurance rates low for senior citizens. (Photos provided by Greylock FCU)
“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 new rates are set,” he continued. The rate structures proposed for April 2008 are expected to increase an average 7.8%, according to preliminary estimates from the State Division of Insurance. “We all have a duty to make sure that these reductions of rates for the general public are not subsidized on the backs of our senior citizens,” Stracuzzi said. Greylock has undertaken an initiative called Massachusetts Senior Citizen’s Insurance Watch and is gathering signatures that will be delivered to state officials. “We put the word out in all of our branches, and in a matter of weeks we have gathered more than 1,000 signatures,” Stracuzzi said. The signatures and letter of support will be delivered to Insurance Commissioner Bonnie Burnes and Attorney General Martha Coakley.


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