There’s no doubt February was a very difficult time for drivers in the Bay State. And although we’re officially into March, *cue sigh of relief* it’s likely the the wintry weather will stick with us for at least a few more weeks. We’re looking at you, Lion.
But while road and weather conditions remain unfavorable, Mass drivers can relish in one silver lining: according to a recent survey, the Bay State is actually one of the best states (for your wallet, anyway) in terms of financial security following an accident.
WalletHub, an online financial resource, has Massachusetts tied for seventh overall on a scale of the riskiest to safest states in the country for car insurance. The rankings were determined by examining several factors:
- Minimum liability requirements – In Massachusetts, drivers are required to have a minimum of a 20/40/5 policy. This means that every driver’s insurance policy must cover at least $20,000 in bodily injury liability costs per person, $40,000 in bodily injury liability costs per accident and $5,000 in property damage liability. Though the minimums aren’t as high as in some states (Maine’s are 50/100/25), Massachusetts drivers are in better shape than some – Florida drivers are only required to have 10/20/10 and New Hampshire does not require drivers to have insurance.
- Additional required insurance – While some states only require minimum liability coverage, other states require additional types of insurance, like Medical Payments Coverage or Personal Injury Protection. In Massachusetts, drivers must have Personal Injury Protection (PIP). PIP covers medical expenses, funeral expenses and lost wages resulting from injuries sustained in an accident. Unlike liability coverage, PIP covers the policyholder, their household members, and anyone else occupying their vehicle at the time of the accident, regardless of whose fault the accident was. While PIP coverage requires additional premium, MA drivers have more required protections than drivers in states like Rhode Island, California and New Mexico.
- Number of uninsured drivers – Massachusetts has the lowest percentage of uninsured drivers at 3.9%. Compared to a state like Oklahoma where one in four drivers is uninsured, if you get into an accident as a Massachusetts driver, the other party will likely have adequate insurance.
It’s important to remember that although some states have more lenient car insurance requirements than others, it doesn’t mean that minimum coverage is enough for everyone. So when you’re selecting your next insurance policy, it’s worth educating yourself on additional coverage options that your state might not require. The last thing you want is to find yourself in a situation where you’re underinsured. Plymouth Rock’s coverage options could be a good place to start if you’re in the market for a new Massachusetts auto insurance policy.
Headquartered in Boston, Plymouth Rock Assurance Corporation provides auto insurance to personal and commercial auto insurance customers in Massachusetts and Connecticut. Plymouth Rock is a member of The Plymouth Rock Group of Companies, which together write and manage over $1 billion in auto and homeowners insurance