MA Auto Insurance

MA Auto Insurance has been the center of attention in the eyes of national auto insurance carriers. Over 24 months ago MA welcomed auto insurance “managed competition.”  Deregulated MA auto insurance rates rollercoasted. National carriers dipped their toes in the MA auto insurance marketplace. Independent MA insurance agents sharpened their pencils. Like many businesses, our Agency found ourselves working harder (re-rating), for less money (moving business to save clients money). Still, our Agency has grown.

Now, more than ever, it is important for MA insurance consumers to shop their auto, home & life insurance rates.

We find: the savings can be astonishing!

MA Auto Insurance & Discount Programs

Do any MA insurance companies offer Accident Forgiveness?

Recently a client asked if any of our MA auto insurance companies offer “Accident Forgiveness.”

The answer is “yes,” & in some cases, the savings can be phenomenal.

Vemont Mutual’s “Advantage” endorsement can be added to eligible policies for $35 annually.

In addition to “Accident Forgiveness” the endorsement offers:  disappearing deductible (first year it’s -$200 off your, say, $1,000 deductible, if no accident, it’s -$100 additional each year to a maximum -$500); increased to towing & labor coverage & substitute transportation coverage, emergency travel expenses & rental vehicle loss of income coverage.

Substitute Transportation

On your MA auto insuranc policy, Substitute Transportation is a sometimes overlooked & often over-priced coverage.

Back when I was a young, MA Independent Insurance Agent (see: turn of the century) the cost of $30 per day of Substitute Transportation Coverage was 2 times the cost of $15 per day coverage.

On your MA auto insurance policy, Substitute Transportation is a sometimes overlooked & often over-priced coverage.

Back when I was a young, MA Independent Insurance Agent (see: turn of the century) the cost of $30 per day of Substitute Transportation Coverage was 2 times the cost of $15 per day coverage.

Then the insurance industry pulled a fast one. They increased the cost of $30 per day Substitute Transporation Coverage to 4 or 5 times the cost of $15 per day Coverage.

The cost of $15 per day coverage is around $12 per year.

The cost for $30 per day coverage is around $52 per year.

Substitute Transportation pays for a rental vehicle while your car is in the shop for a covered insurance loss.

If another, identifiable vehicle hits your car then the other company is obligated to reimburse reasonable rental expenses, whether you carry Substitute Transportation or not.

When renting a Substitute Transportation vehicle from a rental company, you can usually get into an economy-type vehicle for around $23 or $24 per day.

Although, if you’re a victim of a hit & run or at-fault in an accident, $15 per day of Coverage will not pay for a rental in it’s entirety: it will pay a portion.

Cancel Your MA Plates Online

Now you can also cancel your MA plates/registration online at:

http://www.MassRMV.com

 
In the past, in order to cancel your MA auto insurance you had to return your plates to your insurance agent or to the MA Registry of Motor Vehicles.
 
Now you can also cancel your MA plates/registration online at:
 
 
If you do it online, you will need the following info:
 
Your MA plate/registration number.
 
Your MA plate/registration type. (Normal, Vanity, Reserved, Commercial etc)
 
Your MA license number.
 
On the MA Registry of Motor Vehicles home page go to:
 
“Registration/Title” section, click on”Plates” then “Cancel My Plate/Registration.”
 
Once completed you will be able to print an official “Plate Return Receipt.”
 
Remember to notify your insurance agent, so that they can process your insurance policy cancellation.

MA Car Insurance Rates …

MA Auto Insurance: Parts 3 & 12 are Uninsured & Underinsured Motorist Coverage.

These limits are important and often over looked.

MA auto insurance rates are all over the map (insurance agent humor: All over the MAIP lol).

Recently our Agency utilized Vermont Mutual’s accident forgiveness endorsement and lowered a woman’s rates, living in Lynn, MA from $2,100 down to $1,465.

Meanwhile, we also improved her Parts 3 & 12 to match her Part 5 limits of $50,000 per person/$100,000 per accident.

Parts 3 & 12 are Uninsured & Underinsured Motorist Coverage.

These limits are important and often over looked.

Uninsured Motorist Coverage (Part 3) protects you & occupants from other driver that may be driving without insurance. If they injure you, this coverage allows you to collect under your own coverage for things like medical bills, lost wages, pain & suffering etc.

Underinsured Motorist Coverage (Part 12) protects you & occupants from other drivers that have less (Part 5) coverage than you have. If they injure you, you can collect the difference between what they carry and what you carry.

* Note: you cannot carry higher Parts 3 & 12 than you do Part 5 (Optional Bodily Injury to Others) Coverage.

We recommend that your Parts 3 & 12 limits match your Part 5 limits.

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.

Lowell, MA Registry of Motor Vehicles Moving

The new Lowell, MA Registry of Motor Vehicles will open at 9:00 am on June 7, 2010, located:

In the Edward J. Early Parking Garage Facility at 77 Middlesex Street, Lowell, MA 01852.

The 450 Chelmsford Street, Lowell, MA Registry of Motor Vehicles will close for the last time on Friday, June 4, 2010 at 5:00 pm.

The new Lowell, MA Registry of Motor Vehicles will open at 9:00 am on June 7, 2010, located at:

77 Middlesex Street, Lowell, MA  01852 (in the Edward J. Early Parking Garage Facility)

Road tests will continue to be conducted at the current location (450 Chelsmford Street) until June 30, 2010.

MA AG Coakley proposes new consumer protection

AG COAKLEY PROPOSES NEW CONSUMBER PROTECTIONS FOR AUTO INSURANCE MARKETPLACE:

AG COAKLEY PROPOSES NEW CONSUMBER PROTECTIONS FOR AUTO INSURANCE MARKETPLACE:

New Changes Will Ensure Greater Transparency, Enhance Policy Holders’ Ability To Shop Effectively, And Prevent Deceoptive Practices By Insurance Companies Against Consumers

http://www.massagent.com/info/agpr.pdf