New Mass Auto Insurance Pages

We recently included some new consumer friendly Pages to our MA Auto Insurance Web Log, namely

We recently included some new consumer friendly Pages to our MA Auto Insurance Web Log, namely:

Kids & Cars

We recommend that parents, in order to best protect assets, consider registering and insuring a vehicle in their child’s name.  In Massachusetts parents are provided 100% insulation from lawsuits arising from bodily injury or property damage claims.

Mass. MGL Chapter 231, section 85A: “If a car is registered to the child and the child gets into an accident causing personal injury and/or property damage, there is no reponsibility on the parent. It does not make any difference who bought the car or who pays for the insurance, or how old the child is so long as we are talking about negligence.”

On this basis it might make sense for parents to consider insuring a vehicle in their child’s name.

MA Excise Tax

In an attempt to de-mystify the annual, pesky excise tax we offer the following excise tax information:

Excise bills are prepared by the RMV according to information on the registration. They are sent to city/town assessors who commit them to local tax collectors for distribution.

The excise tax rate is $25 per $1,000 of valuation (NADA) subject to the following percentage formula:

In the model year: 90%; second year: 60%; third year: 40%; fourth year: 25%; fifth year & beyond: 10%.

If you have turned in your plates on the vehicle you are getting excise taxed on, or if you have transferred plates and got rid of the vehicle, you may be eligible for abatement . Abatement instructions are located on your excise tax bill.

MA Homestead Act

The Homestead Act is designed to allow homeowners in Massachusetts to protect their primary residence against sebsequent attachment, levy or sale to satifsy debts up to $500,000. The Homestead Law does not protect against: taxes or mortgages used to purchase the residence. Homeowners must file for the Homestead Act with The Registry of Deeds office in the county in which the residence is located.

Massachusetts charges a one time Filing Fee of $35 for a Declaration of Homestead.

Click for:  Declaration of Homestead Form (pdf)

Over the years, we’ve found each Page consistently referenced. If you have any ideas or requests, please let us know.

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