Thanks Breeze, I'm passing that info along. The more the better! (Still waiting to see if I even GET a renewal post bk!) Should be due Dec 1st.
The Commonwealth of Massachusetts prohibits the use of credit scoring in any kind of insurance underwriting. For automobile insurance, the primary factors are the make, model, and year of the automobile, your driving record, and the location of 'permanent garaging' of the automobile (normally which zip code you reside in.) Automobile insurance rates are set by the Commonwealth's Insurance Commission. For property insurance it's the location of the property, the type of constuction, the age of the structure, it's proximity to the fire department, and any kind of installed fire suppression devices such as a sprinkler system.
Probably not a big worry to Massachusettsians, since they've got 2 pages in fine print of domestic P&C Companies. None of them wanted to write in NC either for a couple of years. They got over it. http://www.state.ma.us/doi/companies/P&C_Dom_Companies.pdf
Wow, two whole pages, eh? LOL I wonder what factors influence someone's decision to go with a particular company there, since the rates are set by the state?
Companies are now allowed to give 'discounts' to auto policy holders in Mass. In addition some companies give you a discount on your homeowners (less regulated and price controlled) insurance if you have your automobile inusrance with them. I have my automobile inusrance with USAA as I was formerly a military officer. They pay a dividend on their automobile policies and they are a reciprocal insurer (the policy holders 'own' the company, much like stockholders) so a portion of my premiums is allocated to a subscriber saving account which represents the retained reserve captial the insurer is required to maintain in case of a 'major loss'. Every year I get a check representing earning on my portion of the retained capital plus any 'overage' as determined by the board of directors of the company.
J Edgar, I have USAA insurance also. Isn't that dividend nice? I have the lowest premiums available (even if I wrote my own and took the commission on it), and the last time I got my dividend, it was almost half my premium.
Yes, it certainly is. I've had them for 20 years now. The dividends in Mass aren't quite that good because automobile insurance here is so screwed up, but it's usually on the order of 10%. It usually just rolls over to the next years premium.
I have USAA too. I've only had them a year, but my father is always talking about the dividend. My policy begins and ends on 8-12 every year. When do these dividends get sent out if there are any? At the end of your policy or the beginning of the year? KHM
I'm not sure exactly when it is - my Mom gets hers at a different time than I get mine. What you get is a notice of dividend, and then unless you do something to get it, they pay you interest on it and then roll it over to your premium the next time your policy renews. Very nice. Of course the account helps the company, cause they can invest it, you get competitive interest on it in the meantime. And remember, with this deal, what helps the company helps you. You're gonna love it. I had a minor claim several years ago (the little hurricane breeze blew shingles down onto my car and scratched the paint). I called, they gave me an appointment, I drove over to the claims office, he looked at it, took me into his office and cut me a check. (I live less than a mile from the Norfolk center). I wish they'd open a bank office here. You know they have plenty of members here.
Just a few cents here... I had safeco insurance auto and renters policy for over 2 yearswith no claims... I bought a house cleaned up my credit.. but no longer qualified for their home owners insurance.... so i was refused a policy... Oh Well.. Kev
