The Plymouth Rock Co. said Tuesday that it will start selling auto and home insurance policies to Massachusetts members of the world’s largest advocacy group for older adults.
The Boston company signed an agreement that will give it access to AARP’s 800,000 members in Massachusetts beginning in December.
Under the deal, Plymouth Rock Assurance will offer auto policies and its sister-firm, Bunker Hill Insurance Co., will provide homeowner insurance designed for AARP members. AARP members will get up to 6 percent savings on the company’s auto insurance and qualify for between 19 and 26 percent savings when they bundle home and auto policies, according to Plymouth Rock.
Adults over 50 make up about half of Plymouth Rock’s customers and the AARP program offers a chance to expand that base, said Chris Olie, the chief executive of Plymouth Rock Assurance and chairman of Bunker Hill Insurance.
Plymouth Rock Assurance has 180,000 auto insurance policies in Massachusetts, and Bunker Hill has 32,000 homeowner policies in the state.
AARP, which endorses insurance and other products throughout the country, earns millions by allowing its name to be used and granting access to its mailing list. According to its 2012 tax returns, the nonprofit collected more than $723 million from royalty payments, which accounts for almost 60 percent of the organization’s total revenues.
Deirdre FernandesDeirdre Fernandes can be reached at firstname.lastname@example.org. Follow her on Twitter @fernandesglobe.