The Hanover Insurance Group, Inc., originally founded in 1852 near Hanover Square in Manhattan, New York City, retained its original name until the early 1990s when it rebranded as Allmerica Property & Casualty Companies.

No Fault-insurance:

The Hanover Insurance Group offers no-fault or PIP coverage, here are some key points that might be associated with this type of auto insurance:

  1. Medical Expenses Coverage:
    • No-fault insurance, or PIP, often covers medical expenses for injuries sustained in an auto accident, regardless of who is at fault. This can include hospital bills, doctor visits, rehabilitation costs, and other necessary medical treatments.
  2. Lost Wages Coverage:
    • In addition to medical expenses, PIP insurance may also provide coverage for lost wages if the insured is unable to work due to injuries sustained in a covered accident.
  3. Funeral Expenses:
    • Some no-fault insurance policies may include coverage for funeral expenses in the unfortunate event of a fatal accident.
  4. Property Damage Liability:
    • While no-fault insurance primarily focuses on personal injury, it’s important to ensure that property damage liability is also adequately covered. This protects against damage to other people’s property in an accident.
  5. Legal Requirements:
    • The availability and requirements of no-fault insurance can vary by state. It’s crucial to understand the specific regulations and coverage options applicable in your state of residence.

When considering auto insurance with a no-fault component, individuals should review the policy details, coverage limits, and any additional options available. Additionally, staying informed about any changes in state regulations or insurance offerings is key to making well-informed decisions. For the most accurate and current information on The Hanover Insurance Group’s auto insurance policies, contacting their customer service or visiting their official website is recommended.

Auto Insurance Coverage Options:

  1. Accident Forgiveness:
    • Protection for good drivers.
    • First surchargeable accident forgiven within a 36-month period.
    • No surcharge points or premium increase due to the forgiven accident.
  2. Bodily Injury Liability:
    • Covers damages for bodily injury or death in accidents where you are at fault.
    • Provides legal defense support.
  3. Comprehensive Physical Damage:
    • Pays for damage to your car from theft, vandalism, flood, fire, or other covered perils.
  4. Original Equipment Manufacturer (OEM) Parts:
    • Ensures the use of original replacement parts for your vehicle.
    • Parts match your vehicle’s brand, enhancing value and longevity.
    • Lifetime OEM or OEM parts coverage available.
  5. Newer Car Replacement:
    • Pays actual cash value for a total loss, providing a vehicle one model year newer than yours.
    • Deductible may apply.
  6. Deductible Dividends:
    • Reduces collision deductible when added to the policy.
    • Potential savings of up to $500 off the deductible over five years.
  7. Roadside Assistance:
    • 24/7 emergency roadside assistance for towing and other services.
    • Coverage limits up to $150 per disablement when a Hanover provider is used.
  8. Transportation Expense:
    • Covers rental car charges for covered comprehensive or collision losses.
  9. Medical Payments Coverage/Personal Injury Protection:
    • Offers medical payments for non-household members accidentally injured.

Historical Overview: Since its inception, The Hanover Insurance Group had been a consistently dividend-paying company, commencing annual payouts in 1853. Despite maintaining a relatively modest size for 125 years, the value of Hanover’s common stock surged dramatically from 1971 to 1983, experiencing a more than 23-fold increase. The company underwent stock splits and traded publicly on the Over the Counter (OTC) exchange, later known as NASDAQ.

Peak and Challenges in the 1980s: In the mid-1980s, Hanover witnessed rapid growth, splitting its stock and achieving substantial price hikes. However, the company’s earnings declined by the early 1990s recession, reducing to about $50 million.

Transition to Allmerica Property & Casualty Companies: By 1994, Hanover Insurance transitioned to Allmerica Property & Casualty Companies, Inc. It moved from NASDAQ to the New York Stock Exchange and traded under the new symbol APY. Despite facing economic fluctuations, the stock price surpassed its 1993 peak by summer 1995.

Formation of Allmerica Financial: In late 1995, Allmerica Financial Corporation emerged as a spin-off from the original company, assuming $200 million in long-term debt. It became a property and casualty insurance and financial services holding company with diverse offerings, including insurance, retirement savings accounts, and group benefit programs. Allmerica Financial Corporation was listed on the NYSE, under the symbol AFC, starting October 11, 1995.

Strategic Acquisition and Corporate Changes: In 1997, Allmerica Property & Casualty Companies, Inc. was acquired by Allmerica Financial Corporation, marking its position among the top 30 property and casualty insurers in the United States based on net written premiums. The surviving entity, AFC, proceeded to acquire the remaining 40.5% of Allmerica P&C for approximately $800 million. Following this acquisition, the stock of Allmerica Property & Casualty Companies ceased trading, and its ticker symbol APY was eventually replaced on the AMEX exchange by Aspyra Inc., a microcap stock.

Corporate Restructuring: On December 1, 2005, Allmerica Financial Corporation underwent a significant transformation by adopting the name The Hanover Insurance Group, Inc. The newly named entity serves as the parent company for two divisions, namely Hanover Insurance and Citizens Insurance. This change was accompanied by a switch in its publicly traded ticker symbol. The core focus of both divisions is to provide insurance solutions for auto, home, and business needs.

Evolution of Subsidiaries: The Variable Life and Variable Annuity insurance divisions of Allmerica Financial Corporation underwent a transition, leading to the establishment of CommonWealth Annuity and Life Insurance Company, now operating under Goldman Sachs. A notable development occurred in January 2009 when CommonWealth Annuity and Life Insurance Company acquired First Allmerica Life Insurance Company (FAFLIC) from The Hanover Group. Over the years, The Hanover Insurance Group expanded its portfolio through strategic acquisitions, including the 2008 addition of AIX Group and the 2011 acquisition of Chaucer Holdings.

Policy Decisions and Controversy: In August 2020, The Hanover Insurance Group attracted attention for its decision to terminate the malpractice insurance of Mark S. Zaid, the attorney representing the whistleblower in the Trump-Ukraine scandal. The rationale provided by Hanover was a review of Zaid’s law firm website, revealing a focus on whistleblower law. Mark S. Zaid criticized this move, asserting that it aimed to shield those seeking to suppress whistleblowers.