Premiums are the periodic payments made by policyholders to their insurance company in exchange for coverage. These payments are typically made monthly, quarterly, or annually, depending on the terms of the insurance policy. The amount of the premium is determined by various factors, including the type and amount of coverage, the risk profile of the insured individual or property, and any applicable discounts or surcharges.

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Gap Insurance

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Car owners often assume that if their car is totaled, it will be replaced at the amount they paid, or at least the amount they owe. However, that’s not always the case — learn why and what you can do to protect yourself.

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Mistakes to Avoid when Applying for Auto Insurance

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Overlooking errors on your auto insurance application can result in significant consequences. Providing inaccurate information may lead to higher premiums, policy cancellations, or inadequate coverage during accidents.

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Factors that Affect Home Insurance Premiums

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Home insurance coverage varies based on factors like policy type and personal circumstances. Understanding these factors ensures you have adequate coverage tailored to your needs.

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Starting a Business? Know the Risk Factors that Go into Pricing Your Business Coverage

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Successful startups require vision, passion, and appropriate business insurance coverage. While launching a new venture can incur expenses, cutting corners on insurance is not advisable because of its critical role in safeguarding business interests.

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Personal Auto Insurance COVID-19 Premium Return

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Insurance companies seek DOI approval for auto premium credits/refunds due to reduced usage during COVID-19. Policyholders await carrier details post-approval. Insurers also offer payment flexibility to aid financially strained individuals; assistance is accessible through the insurance company or Murphy Insurance Agency.

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COVID-19 FAQs: Premium Payments & RMV Questions

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During the COVID-19 crisis, many insurers are offering payment flexibility for those facing financial difficulties. Contact your insurer or Murphy Insurance for assistance. Regarding Registry of Motor Vehicles issues, note the strict no walk-in policy; appointments must be made online for in-person transactions.

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What Do Women Business Owners Want? Credible, Accurate Insurance Advice

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In recent decades, women have made significant progress in the business realm. Business insurance, emphasized by the Insurance Information Institute, is crucial for safeguarding their investments and assets.

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Bump Up that Deductible!

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Insurance consumers often seek ways to cut costs on personal lines insurance, but not all approaches are prudent. Requests for reductions in dwelling or liability limits on homeowners or auto insurance policies may seem tempting, but they often carry significant risks, particularly in liability situations such as auto accidents or injuries on your property, where substantial losses could occur if a judgment goes against you.

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Increase to Accident Surcharge Thresholds Limits Effective July 1, 2015

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Governor Baker’s signing of the Massachusetts 2016 State Budget on July 17, 2015, led to increased minor and major thresholds for surchargeable accidents, offering potential savings for drivers in the state who may be involved in at-fault accidents.

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Massachusetts Senate Attempts to Increase Accident Surcharge Threshold Limits

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The Massachusetts Senate has successfully incorporated an amendment into the 2016 State Budget, aiming to raise the Property Damage Threshold for both Minor and Major accidents. The proposed thresholds would increase to $1,001 for Minor Accidents and $5,001 for Major Accidents, potentially benefiting Massachusetts drivers by impacting surcharge points added to driving records, which can influence insurance premiums following at-fault accidents.

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