Posts from March 2012

What Insurance Policy are You Guaranteed to Use?

Give up? Or more to the point don’t care? I’ll just pretend you’re interested….Life Insurance! Yes, if you think about it we all buy car insurance, homeowner’s insurance and for some even an umbrella policy. We can go 30 years without an accident (not a simple task in Massachusetts) or possibly never have a homeowner’s claim. But we are all going to die someday. Sorry to be the bearer of bad news. The good news is that life insurance rates are very affordable right now. For example I just quoted a $500,000 30-year term life insurance policy for a 35 year old male in good health, non-smoker and the monthly premium is less than $38 a month. I spend more than that a month at Dunkin Donuts (and that’s probably killing me).

It may be one of the more challenging insurance policies to buy just because we all procrastinate, but it is one of  the most important. Your family will never regret your decision to buy a life insurance policy. You will never get scare tactics from me, just the reality we all face.

Feel free to call me at 508-746-0030 or send me an email at steve@hannon-ryan.com for a quote or if you have any questions.

Thank You,
Steve Murphy

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages available to you. Always consult your policy for actual coverages and exclusions.

Will my insurance rates go up if…?

A common question we are asked is “Will my homeowner’s insurance premium go up if I file a claim?”. The simple quick answer is no. You could potentially lose your loss-free credit if you have one on your policy. That would cause your premium to go up the following policy term. Homeowner’s insurance rates are not determined by loss history. Your homeowner’s insurance rates are based on a multitude of factors including the location of your home, the size, the age, your insurance score (insurance company lingo for a credit score) to mention a few.  

Insurance companies are more concerned with frequency rather than a single loss. If you file 3 small claims in a year more than likely you will be looking for a new company when your policy expires. So, if you have a loss with significant damage, the right thing to do is file the claim. After all, you’re paying a premium every year, why not use your insurance for what it’s designed to do?

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages available to you. Always consult your policy for actual coverages and exclusions.

200,000 to 400,000…

That is the average number of driver’s a day in Massachusetts driving without insurance. Yes, auto insurance coverage is mandatory in Massachusetts, but not everyone follows the rules. What would happen if you got into a car accident with someone with no auto insurance? Yes, you can take legal action against that person, but chances are that will be a long process and more than likely not amount to much help.

Fortunately you have a coverage on your auto insurance policy called Uninsured Motorist coverage. This coverage is for you and your passengers who are injured in an auto accident with an uninsured vehicle. This  coverage pays for medical bills, lost income and property damage expenses. This is YOUR protection. And the price is very affordable.

Do me a favor. Pull out your auto policy today and look at two coverages; Bodily Injury Caused by an Uninsured Motorist & Bodily Injury Caused by an Undersinsured Motorist. These coverages are designed to protect your financial well being if you are involved in an accident with someone with either no insurance or low limits. Do you have less than $100/$300k? If yes, then call your agent today and ask how much it would cost to increase those limits. 

Rememer, just because you follow the rules doesn’t mean that the person in the car next to you does.

The above is meant as general information and as general policy descriptions to help you understand the different types of coverages available to you. Always consult your policy for actual coverages and exclusions.