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We’ve said it here before, but it bears repeating, for family protection, value to coverage, Term life insurance is the way to go. As people live longer, life insurance is getting less and less expensive. A 30 year healthy male, non-smoker can get a $1,000,000 twenty year term for as little as $35 per month ($420 annual). Call us to compare. We have all the major carriers including SBLI and Banner.
The following letter was sent by IIABA President and CEO Robert A. Rusboldt announcing the Feds’ Bail Out of AIG:
Dear IIABA Members:
The Federal Reserve confirmed last night that the Federal Reserve Bank of New York will make an $85 billion short-term bridge loan for 24 months to American International Group, secured by all the assets of AIG. This important news for the insurance industry and financial market underscores the perspective of the Federal Reserve Board that “a disorderly failure of AIG could add to already significant levels of financial market fragility and lead to substantially higher borrowing costs, reduced household wealth, and materially weaker economic performance,” according the news release issued by the Federal Reserve. In return, the government will receive warrants giving it the right to buy a 79.9% stake in the company, and a veto right over the payment of dividends on the company’s common and preferred stock.
The loan is welcome news in the face of the escalating concern about the potential impact of AIG’s economic challenges, which has dominated the news for days, fueling speculation about the future of the company and debate about the public policy of a government bail-out.
The complex corporate structure of AIG has resulted in confusion by some about the distinction between the parent company’s financial strength and the ability of its insurance businesses to meet their obligations to policyholders. The loan provides AIG with needed liquidity, averting a crisis that could have set off a cascade of repercussions across the financial markets. On the other hand, its insurance businesses are separate units or subsidiaries that are restricted from transferring assets to related entities without regulatory approval to facilitate their ability to pay claims.
AIG released a statement last night on the loan, describing it as “the best alternative for all AIG’s constituencies.” That followed an earlier statement released in the late afternoon aimed at addressing policy holder concerns that indicated that the insurance company businesses “continue to operate normally and remain adequately capitalized and fully capable of meeting their obligations to policyholders.”
In addition, the NAIC issued a news release yesterday regarding regulatory safeguards in times of crisis. Additional materials and updates will be published in Insurance News & Views, IIABA’s weekly newsletter about industry developments, and also will be posted for IIABA members at www.independentagent.com under Legal Advocacy, Industry Issues.
IIABA has been closely monitoring the developments on AIG through communications with executives of the company and its subsidiaries, and will continue to do so, providing updates as circumstances warrant.
Sincerely,
Robert A. Rusbuldt
President & CEO
We will shop you with the best auto insurance companies in Massachusetts. We will custom fit coverage and discounts to make certain that you have the perfect policy. By utilizing Massautoquote.com you are taking advantage of the professional services of an Independent Insurance Agency.
Your Independent Insurance Agent is your professional insurance advisor. We advocate on behalf of you, our client, at claim time or if you ever have a billing question.
Your MA Independent Agent writes with an average of six auto insurance companies. Your agent will be able to show you the best rates and insurance programs available.
Unlike a direct writer, your Independent Agent will be able to show you multiple carriers rates and many different lines of insurance. Most Agencies provide clients with complimentary Registry of Motor Vehicles service.
Get a quote from us today!
Don’t look now, but here in Massachusetts we are about to see alot more of a certain english-accented, green reptile.
This insurance agent’s nose for news is hearing rumors of GEICO’s entrance into the MA auto insurance market-place as of April of 2009.
Now, more than ever, it is time for the professional, licensed, independent insurance agent to flex their “added-value” and “trusted choices” muscles.
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“Managed Competition” for auto insurance seems to be working in Massachusetts. Companies are entering the state and voluntarily writing auto insurance. Vermont Mutual is one of our state’s newest entrants. Vermont Mutual writes auto insurance in other states and is excited about the Mass. auto marketplace. They expect to be competitive. Other companies, such as Progressive Insurance, seem pleased with themselves. Agencies’ books of business continue to shrink as clients enjoy new, and innovative, discount programs. Our Agency, http://www.JohnsonandRohan.com, feels that as long as we keep our customers and grow, client-count wise, we will have had a successful year. The Massachusetts Independent Insurance Agent is working longer and harder, for less.
The Enhanced Emissions & Safety Test
Registered vehicles in Massachusetts must get an annual Emissions and Safety sticker.
The present cost of the annual inspection is $29.
Consumers have seven days from the Registration date to get this inspection completed.
As a service, Massautoquote.com offers the following link to the Mass.gov website/ inspection site locator:
There was another teen driving fatality on the North Shore of Massachusetts this past weekend. It breaks all of our hearts. We’ve written about Advanced Driver Training on this website and we’ve talked about it in our insurance offices. It bares repeating. The regular cost of this one day, four hour class is $250. One Massachusetts insurance company, offers their clients the course for $75. They pay the other $175. In addition, they give course graduates 5% off the cost of their auto insurance. Whether or not you take advantage of the discounted course fee or the insurance discount, the course is worth while and designed to save lives. Please contact us if you would like to learn more.�
*RULE 56. THE SAFE DRIVER INSURANCE PLAN (SDIP)
The following summary is a general overview of the Safe Driver Insurance Plan (SDIP) and its impact on underlying rates. For specific details, you can visit the Massachusetts Merit Rating Board.
Surcharge Points/Experience Period
Each listed operator on a policy is assigned an Operator Surcharge Factor or a Credit Factor based on the operator’s driving history record. The Operator Surcharge Factor is the factor applied to the otherwise applicable rate which reflects the number, type, and age of Surchargeable Incidents during the Policy Experience Period. The Credit Factor is either the Excellent Driver Discount, awarded to operators with Incident-Free Periods of more than five but less than six years, or the Excellent Driver Discount Plus, awarded to operators with Incident-Free Periods of at least six years. The Experience Period is the six year period immediately preceding the effective date of the policy. The points for the 2006 policy year, and subsequent policy years, will range from 0 to 45; the Commissioner may establish or modify this point range annually. The Merit Rating Board will compute and report to the Insurer the total number of operator Surcharge Points or Credits for each listed operator.
Classification of Surcharge Points
SDIP surcharge points are assigned as follows:
Minor traffic law violation 2 points
Minor at-fault accident 3 points
Major at-fault accident 4 points
Major traffic law violation 5 points
A claim payment for Bodily Injury Liability, Damage to Someone Else’s Property, Collision or Limited Collision of at least $500 and up to $2,000 constitutes a minor at-fault accident. A claim payment of more than $2,000 constitutes a major at-fault accident. An “at-fault” accident is one in which the company determines that the listed operator is more than 50% at fault.
Surcharge points are not assigned to a non-criminal minor motor vehicle traffic law violation if it is the first such violation or if it occurs in the sixth (oldest) year in the operator’s six year Policy Experience Period.
If you have further questions about the system of surcharges and credits that apply in the Massachusetts Safe Driver Insurance Plan, you can reach a Consumer Service Representative at the Merit Rating Board any weekday from 8:30 AM to 5:00 PM by calling 617-351-4400.
For good & for bad, Progressive Insurance is not from around here.
We have seen some formidable rates and we have heard some horror stories.
Presently they do not use Independent Agents and they are writing business only online. They offer only six month policies and, after six months, their rates may increase. They have only one facility in Massachusetts that offers insurance stamps for Registry of Motor Vehicles paperwork. Otherwise, paperwork is mailed to Ohio to get stamped & then mailed back. According to auto dealerships and consumers, this situation is not ideal.
According to MAIA President and CEO, Frank Mancini, “Our review of the quotes provided by Progressive reminds us of the old saying, ‘if it looks to good to be true, it probably is.’ Consumers should use extreme caution when requesting online quotes because a computer doesn’t ask the questions a live person would ask to be sure your are adequately protected.”
Some of the cautions with Progressive pre-fill quotes have been:
So, for now, when it comes to Progressive Insurance in Massachusetts: it is buyer beware.
