MA Auto Insurance: Wild West?

Someone recently asked for an example of our MA Auto Insurance: Wild West analogy &, this morning I ran into a perfect MA auto insurance rating example.

Longtime client has an old (99) Honda Accord with, almost, 200,000 miles on it. She lives in Dorchester & carries mimimum-type liability limits ($20,000 per person/$40,000 per accident parts 3, 5 & 12; $100,000 Part 4; No Collision & No Comprehensive Coverage). Not to name names (Travelers) was charging her $1,019 for her June 2, 2010 auto insurance renewal.

We re-rated her with six MA auto insurance companies and one (Vermont Mutual), offers identical coverage at an annual premium of: $576.

$576 vs $1,019!

This is a, not so subtle, reminder to auto insurance consumers & agents in the Commonwealth of Massachusetts: Shop Your Coverage!

MA Auto Insurance: The Wild West

Growing up in the 70’s I was addicted to Bonanza, The Big Valley & The Lone Ranger. I fancied myself a cowboy. A Massachusetts cowboy. Completing my front nine, 43 years later, Idid not become a cowboy. Instead, I became something better: an independent Massachusetts insurance agency owner!

Growing up in the 70’s I was addicted to Bonanza, The Big Valley & The Lone Ranger. I fancied myself a cowboy. A Massachusetts cowboy.

Completing my front nine, 43 years later, Idid not become a cowboy.

Instead, I became something better: a Massachusetts independent insurance agency owner!

Two years ago “managed competion” auto insurance entered the state of Massachusetts. It’s been just like the Wild West of my childhood imagination.

First, companies gave out appointments to agencies. Next, they lowered rates & offered additional discounts & broader insurance programs. More companies entered the state including: Allstate, Progressive & Geico.

Companies lowered their rates & offered additional discount & insurance programs.

As an independent agent, writing with many different companies, competition allows us to flex our rating muscles — or quick draw our six shooter.

MA Auto Insurance Programs:

Prior to April, 2008 MA auto insurance consumers had very few insurance programs to choose from. MA “Managed Competition” auto insurance (deregulation) entered the state, along with additional companies, and — all of a sudden –, programs long enjoyed by the rest of the country, are now available here in Massachusetts.

For example:  Vermont Mutual Insurance Company offers an “advantage” endorsement. For $35 this endorsement includes (among other things): accident forgiveness, disappearing deductible, auto loan/ lease gap coverage, & enhanced substitute transportation coverage.

For qualifying new business what this means is, if you have 4 points on your license due to an at-fault accident, you can pay $35 for the advantage endorsement and Vermont Mutual will rate you with no surchage points: saving you big money.

If you are already insured with Vermont Mutual, you can add the endorsement & if you are in an at-fault accident, at renewal time, Vermont Mutual will not charge you for the surcharge points.

The endorsement, to this MA independent insurance agent, seems like a real bargain.

We can all thank MA Managed Competetion Auto Insurance.

MA Inspection Sticker Blues

MA Inspection Sticker Violation: The 2 point surcharge is the same as the surcharge for a speeding ticket or other moving violation!

Quoting auto insurance in MA – The most frustrating thing we see is a ticket for not having an inspection sticker. The violation is the cost of the ticket and a surcharge on your driving record for 6 years. The 2 pointo surcharge is the same as the surcharge for a speeding ticket or other moving violation.

Following please find a link for:

Massachusetts Inspection Stations

Take a look at your MASS Veheicle Inspection Sticker — Don’t let it lapse!

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)

Registry of Deeds Links:

Registry of Deeds Offices:

District/County:

Located in:
Barnstable Barnstable
Northern Berkshire Adams
Middle Berkshire Pittsfield
Southern Berkshire Great Barrington
Northern Bristol Taunton
Southern Bristol New Bedford
Fall River Bristol Fall River
Dukes Edgartown
Northern Essex Lawrence
Southern Essex Salem
Franklin Greenfield

The Homestead Act
Questions & Answers

La Ley de Protección de Hogar Seguro
Preguntas y Respuestas

City/Town to Registry Guide

    

District/County:

Located in:
Hampden Springfield
Hampshire Northampton
Northern Middlesex Lowell
Southern Middlesex Cambridge
Nantucket Nantucket
Norfolk Dedham
Plymouth Plymouth
Suffolk Boston
Northern Worcester Fitchburg
Worcester Worcester

Massachusetts Deed
Indexing Standards (PDF, 276 kb)

Massachusetts Document
Formatting Standards,
Effective January 1, 2008 (PDF, 12 kb)

Massachusettes Auto Insurance

With all the rain we’ve had recently, the auto insurance floodgates in Mass. are not only open, they are under water.

A while ago, in a Bloomberg News article regarding competition in MA,  I was quoted as saying “the floodgates are wide open in Massachusetts right now.”

With all the rain we’ve had recently, the auto insurance floodgates in Mass. are not only open, they are under water.

In order to find the best rates and best coverage, it is important to be able to shop multi-companies’ discount programs.

I recently signed up a woman who lives in Everett, MA with an April 1, 2010 effective date. She had 3 points on her license from an accident that happened in 2006.

Her policy limits were:

Part 5, Optional Bodily Injury to Others: $50,000 per person/$100,000 per accident

Parts 3 & 12, Uninsured & Underinsured Motorist Coverage: $20,000 per person/$40,000 per accident.

Part 4, Property Damage Coveage: $100,000

Collision & Comprehensive Coverage with $500 deductibles.

Her annual premium, with 3 points (licensed over 6 years) was: $2,300.

By utilizing a company named Vermont Mutual ($35 Vermont Mutual Advantage Endorsement) we were able to waive her 3 point surcharge (Accident Foregiveness credit).

We improved her Parts 3 & 12 (protects her & occupants from uninsured & underinsured drivers) to match her Part 5 limits at $50,000 per person/$100,000 per accident & we increased her Collision deductible from $500 to $1,000.

Her new annual premium?

$1,299.

(vs. $2,300)

Massachusetts Motorcycle Insurance

Motorcycle Riders: Start your engines! It’s amazing what a couple Massachusetts, mid-March 60 degree days can do.

Massachusetts Motorcycle Insurance:

It’s, apparently, that time of year again. Motorcycle Riders: Start your engines! It’s amazing what a couple Massachusetts, mid-March 60 degree days  can do. Before you start your engines, have you contacted your insurance agent? Did you renew your registration? Did you take collision coverage off your bike for the winter months? Did you lower your liability limits?

Our Agency has great motorcycle markets including Progressive Insurance.

Call or request a quote from us.

Technology Today

16 years ago, when I entered the family insurance business it was a different world.

16 years ago, when I entered the family insurance business it was a different world. A wife, a home, a mortgage, and 3 kids later, I feel old saying that. It was a different world. We had a computer for word processing and we had type-writers. The internet was a silly word used by technology companies. Nothing for insurance agencies to concern ourselves with. Applications were taken by hand and computations were manipulated with the help of rate manuals. Endorsements were mailed in and suspended in our file cabinets. At considerable expense, insurance agents have had to keep up with companies’ advancing technologies. The expense has come in hardware form and in an even more challenging, learning curve form. Senior partners that had never uded a computer are now being required to enter endless amounts of ursername & passwords, uploads & downloads, input & output, real-time , e-mail and pdf.

Still, these technologies have been a good thing. Agencies are now able to handle greater volumes. Work flows continue with new & greater efficiencies.

Coming soon: Electronic, Stamped RMV Forms.

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.

Massachusetts RMV Branch News:

Massachusetts Registry of Motor Vehicles Branch News:

The Quincy RMV branch closed permanently on July 11, 2008 and reopened at 10 Plain Street in Braintree on July 14, 2008 at 8:30 am. Road tests will be conducted at the new Braintree RMV location at 10 Plain Street, Braintree effective Monday, July 14, 2008. Road tests will no longer be conducted from the Quincy Armory location after close of business Friday, July 11, 2008.

Registrar Rachel Kaprielian has announced that the Milford RMV branch is being added to the list of 34 locations statewide where road tests are given by RMV examiners.

“The RMV is assigning road test examiners to the Milford RMV branch and has mapped out a new route for them to test new drivers,” said Registrar Kaprielian. “I’m adding this new service beginning August 6, after hearing legislators’ concerns about the growing population of new drivers in the Milford area.”

Permit holders will be able to book road tests at the Milford branch every Wednesday by calling the RMV automated service line at 866-MASSRMV. Road test applications can be downloaded from the RMV website at www.mass.gov/rmv.

Since the RMV took over road test examinations from the State Police last July, examiners have given over 3,000 road tests a week with an average passing rate of 80 percent.