MA Auto Insurance News & Notes Archives - Page 13 of 40

To Gap or not to Gap, this is the question

What is Gap Insurance?

If a car is stolen or declared totaled, the auto insurance company will pay actual cash value for the car.

The actual cash value can be a lot different from what is owed on the vehicle.

The difference is “the gap.” Gap insurance covers this amount …

What is Gap Insurance?

If a car is stolen or declared totaled, the auto insurance company will pay actual cash value for the car.

The actual cash value can be a lot different from what is owed on the vehicle.

The difference is “the gap.”

Gap insurance covers this amount.

Without gap insurance the lender will hold the individual responsible for paying the difference between the actual cash value and the amount left on the loan.

Many companies allow Gap insurance to be added to the Massachusetts personal auto policy.

The cost for Gap insurance can range from between +$25 annually to +$120.

Sometimes Gap insurance coverage is included in lease agreements. If leasing, make certain Gap insurance is included.

Is Gap coverage a good idea? Depending on the gap … it might be a great idea.

Give us a call to find out more about Gap insurance on your MA auto policy.

MA Registry of Motor Vehicles 10 Point Promise

Secretary Davey said: “We have re-imagined the RMV and are prepared to deliver improvements in the short term and for the next generation of drivers. At the core of our ten point promise is the effort to diversify our service delivery channels.”

Over the years the Massachusetts RMV has taken quite a bit of heat. Most of it deservedly so, and some of it coming from this humble, MA Auto Insurance Web Log.

Although, as lines outside the door testify, the RMV is not perfect, over the past 20 years some things have improved.

Recently MA Department of Transportation Secretary & CEO, Richard Davey and Mass Registrar of Motor Vehicles, Celia Blue, offered a ten point promise to Massachusetts RMV customers which we find encouraging.

Registrar Blue added: “Our ten point promise is a commitment to our customers. It will serve as a roadmap on our way to delivering extraordinary
service.”

Encouraging you to make MassRMV.com your first stop every time – directing you to the most
efficient service and adding new transactions, no wait for 35+ transactions today at
MassRMV.com.
Growing our customer service representative team – backfilling and hiring to serve our branch
customers with the most complex transactions in a timely manner, exploring part-time
positions to reduce the lunchtime crunch time.
Professionalizing the frontline – Striving to deliver extraordinary customer service by
developing employee performance standards, incentive programs and designing uniforms.
Modernizing facilities & marrying transportation functions – improving existing facilities,
designing new branches, prioritizing proximity to transit services and adding E-ZPass service
centers.
Renewing your photo on your own – deploying FasTrack self-service kiosks to allow customers
in good standing to renew their license/ID on their own, leaving customer service reps to focus
on more complex transactions.
Meeting you where you are – continued pursuit and expansion of public private partnerships
with industry partners like AAA, dealerships, driving schools, health care providers and
insurance agents.
Giving you back your time – saving customers millions of minutes by offering call back service
and customer appointments at 857-DOT-8000.
Answering questions & resolving customer issues in new ways – introducing online live chat,
expanding our telephone self-service system at 857-DOT-8000.
Delivering real time wait times to meet your schedule – procuring a new queuing system to help
you manage your time and adding mobile app appointments.
Modernizing our licensing & registration system – implementing a 360 degree customer view
that will revolutionize how the public interacts with the RMV.

RMV telling MA consumers: Go Online!

The Massachusetts Registry of Motor Vehicles is encouraging consumers to go online.

We recommend you go online too, then go running rather than to the RMV.

According to a news release on the Massachusetts Registry of Motor Vehicles website (MassRMV.com), Registrar Celia Blue is encouraging MA consumers to go online to renew licenses and registrations.

The article quotes Blue: “MassRMV.com is designed to help our customers save time and to allow our branch employees to focus on more complex transactions. By making MassRMV.com their first stop, customers will find they are able to renew in a matter of minutes or discover they need in-person attention at one of our branches.”

As witnessed recently by this local, independent insurance agent (btw: that offers complimentary Registry running services) the Registry of Motor Vehicles can be a zoo, with lines out the door.

The Registry mails postcard reminders letting consumers know if they are eligible to renew online.

A new picture, for licenses, is required every 10 years.

All vanity and trailer plates expire at the end of November. Commercial plates renew at the end of December.

According to the article: “Many commercial renewals require the registrant to visit a branch in person, making the last days of each year some of the busiest for RMV branches.”

Do You Have Accident Forgiveness?

By the time it’s all over, you’ll have paid out: $3,840 in additional insurance premiums.

If your coverage includes accident forgiveness, guess what?

No additional premiums.

Take a moment, look at your policy or call your agent.

Do you have Accident Forgiveness?

It might be the best financial question you ask yourself all day.

Do you have Accident Forgiveness?

Some insurance companies make you buy it, some make you earn it .

Most will only include Accident Forgiveness if you have a perfect, or near-perfect driving record.

Some will only apply it if you’ve been with them for a certain amount of time.

If you have an at-fault accident, the insurance company will not apply the surcharge your policy.

In insurance terms, I’ve read somewhere that average, annual Massachusetts auto insurance premium is $1,600.

Let’s say you are a 99 driver and you get in an at-fault accident.

If total damage is less than $500 paid out (almost never), there is no surcharge.

If damage totals less than $2,000 (minor accident), at-fault driver is surcharged: 3 points.

If damage is more than $2,000 (major accident), at-fault driver is surcharged: 4 points.

The MA SDIP driver rating system is, sort of, difficult to figure out.

The best driver in the state is a 99 (no at-fault accidents, no violations 6+ years). Credit step.

The next best is a 98 (no at-faults, no violations 5+ years). Credit step.

Then you’re a: 0 driver (note: you’re also a 0 driver when you first get you’re licensed.) Neutral driving record.

Points get added starting with 0, for at-fault accidents and violations.

So, for the example above, if you’re in an accident and more than $2,000 is paid out (usually), you go from a 99 to a 4.

Each step is, somewhere, around 8% in annual auto insurance surcharge, so you go from a 99 to 98 to 0 to a 1-2-3- 4. The realized premium increase will be around 48% more at renewal time (+$768) … for the next 3 years! Then it will go down by, maybe, 8% to + $640 in surcharges years 4 and 5. After year 5 you will go back to a 0 driver and you’ll only be paying about +$256 in surcharge.

Approximate surcharge totals:

Year 1: +$768

Year 2: +$768

Year 3: +$768

Year 4: +$640

Year 5: +$640

Year 6: +$256

By the time it’s all over, you’ll have paid out: $3,840 in additional insurance premiums.

If your coverage included Accident Forgiveness, guess what?

No additional premiums.

Take a moment, look at your policy or call your agent.

Do you have Accident Forgiveness?

MA Auto Insurance Discounts

In order to make certain you are getting the best rates, it’s important to shop around and look for every discount available …

Six years ago the Massachusetts auto insurance industry welcomed “managed competition” to the state.

Managed competition has helped usher in a new era for MA auto insurance consumers.

Companies that long ago fled the state, came back. Some that were never here entered the state.

In order to make certain you are getting the best rates, it’s important to shop around and look for every discount available.

The first place to start when looking for the best auto premium is by packaging your auto insurance with the same company as your home insurance.

If you don’t own a home or condominium, it might be time to purchase apartment insurance coverage. If not for the only reason of taking advantage of an auto insurer’s “account discount.”

Other discounts to consider:

Did you drive less than 10,000 miles over the past 12 months?
Are you a good driver? Have you had any at-fault accidents or moving violations over the past 6 years?
Do you pay your bills in full?
Do you receive your bills and documents by e-mail?
Did you recently get married? Do you have the same company as your spouse?
Are any of your kids good students? Do they have a “B” or better average?
Are you a college graduate?

Are You Getting Your Account Discount?

If you insure your auto & home through Massautoquote, you can ensure that you are getting the best rates, coverage, programs & discounts available …

If you insure your auto & home through Massautoquote, you can ensure that you are getting the best rates, coverage, programs & discounts available.

Companies offer huge discounts on both home and auto insurance if you insure them with the same company.

Sometimes the account discount on the auto can be larger than the cost of an apartment policy.

So, in essence, you can carry an apartment insurance policy for free and save money on your auto insurance!

There has never been a better time to consolidate your insurances.

Call or click to discuss if you insure either your auto or home somewhere else.

Massautoquote is your independent, online Massachusetts insurance resource.

Where can you get a MA Auto Insurance Quote?

You can get Massachusetts auto insurance quotes just about anywhere these days.

You can pick up the telephone, you can stop by an office, or you can get on the computer.

The question then becomes: Who do you want to buy insurance from?

You can get Massachusetts auto insurance quotes just about anywhere these days.

You can pick up the telephone, you can stop by an office, or you can get on the computer.

The question then becomes: Who do you want to buy insurance from?

There are three choices:

Buy insurance through a “captive agent.” A captive agent sells insurance for only one company
Buy insurance through a “direct writer,” such as the Geico. Consumers that buy direct do not have an agent to shop, make recommendations, and advocate for them at claim time.
Buy insurance through an “independent agent!”

When you buy insurance through MassAutoQuote, you’re buying through a Massachusetts Independent Insurance Agent.

We are a pro-active independent agency with a sharp pencil. We shop our clients renewals and take advantage of different companies’ discount and insurance programs. Over the years we save our clients a ton of money.

We’ve put together our Top 10 list of why it is important to utilize a Massachusetts independent insurance agent when going through the very important insurance buying process.:

#10. Your Independent MA Insurance Agent will save you money!
#9. Your Independent MA Insurance Agent rates with multiple companies!
#8. Your Independent MA Insurance Agent works on your side when you have a loss!
#7. Your Independent MA Insurance Agent will provide strong referrals from existing customers!
#6. Your Independent MA Insurance Agent has strong local ties and supports your community!
#5. Your Independent MA Insurance Agent will improve your coverage!
#4. Your Independent MA Insurance Agent provides 24 hour a day, 7 days a week auto claim service!
#3. Your Independent MA Insurance Agent provides prompt, courteous service!
#2. Your Independent MA Insurance Agent offers free Registry of Motor Vehicles Service!

#1. Your Independent MA Insurance Agent makes house calls!

Call or click us for your free, no-obligation insurance quote.

You’ll be glad you did!

Massachusetts Auto Insurance Review

It is important to understand your insurance coverage.

Each year at renewal time, we ask our clients to spend 5 minutes reviewing their insurance with us …

It is important to understand your insurance coverage.

Each year at renewal time, we ask our clients to spend 5 minutes reviewing their insurance with us.

They can come by, phone, or exchange e-mails with us. We are here to help.

Yes, it can be boring, but it’s not rocket science. This renewal: become an engaged insurance consumer!

Some questions to ask us:

Do we carry adequate liability limits? Limits should equal, at least, your net worth.
Should we carry Umbrella coverage?
What is the value of our vehicle? If the value is low, should we still carry collision coverage?
If our car loan is paid off, should we remove the lienholder on our policy?
Are we getting all available discounts?

Call us for your annual insurance review, explanation of coverage, and discount double-check.

Some Scary MA Driving Statistics

– 43% of first year drivers and 37% of second year drivers get into accidents.
– The average driver’s education student in MA only gets 6 hours of professional training …

October, of course, is the scariest of all the months.

MassAutoQuote.com offers some scary … and sobering teen driving statistics:

43% of first year drivers and 37% of second year drivers get into accidents.
The average driver’s education student in MA only gets 6 hours of professional training. Plumbers and electricians often apprentice for 8,000 hours to get a license to practice their job!
Driving accidents are the #1 killer of teens. The rest of the top ten killers (#2 -#10) combined don’t kill as many teens.
93% of all teen accidents are caused by “driver error.” The majority of fatal teen accidents do not involve speeding or alcohol.

Call or click us at MassAutoQuote to get your free, no obligation, MA auto insurance quotes. You’ll be glad you did.

MassAutoQuote: Have you thought about …

Umbrella Coverage?

A Personal Liability Umbrella Policy “sits-over” your home and auto liability limits. Coverage limits start at $1,000,000 and provide you protection from lawsuits.

Umbrella Coverage?

A Personal Liability Umbrella Policy “sits-over” your home and auto liability limits. Coverage limits start at $1,000,000 and provide you protection from lawsuits.

Coverage is relatively inexpensive to purchase.

$1,000,000 of coverage sitting over two autos and home might cost about $180 annually.

Umbrella Policies require underlying motor vehicle liability limits of $250,000 per person/$500,000 per accident.

In addition to coverage limits, insurance companies provide legal defense.

So, in essence, when you purchase higher limits you are also purchasing improved legal defense.

Call or click us to find out more about Massachusetts Personal Liability Umbrella Coverage.