I don’t usually write about ‘states’ per se, unless I am trying to give an example of coverage differences. Today, an exception, I thought it would be fun to look at coverages in states most like major political parties.
The main difference between the parties is their support of social issues – of which insurance has a hand in all. On one hand the Democrats, the liberal party, believe the government should assist with social issues; whereas the Republicans do not believe in a government intervention instead choosing a conservative approach.
Using auto insurance, I’ll compare New Hampshire (Republican) to Massachusetts (Democrat).
|Medical||Yes (PIP + addl PIP)||Yes (Medical of at least $1000)|
|ID cards||No – Registry||Yes|
In Massachusetts, the Registry (the motor vehicle department) is very much involved in automobile insurance. First, the state has two forms for registering cars. The new car registration form or the RMV1. This form must be completed and signed by the insurance agent. On renewal there is an RMV3 form to be completed or the registry sends a renewal form that has to be stamped, signed and submitted with payment. If an insured changes companies, an “A” form needs to be submitted.
New Hampshire does not require liability insurance, but you can purchase it. The state does require you have proof that you can pay for damages if you do not have auto insurance. There are forms to sign for that. What they do require is Medical Payments coverage – at least $1000 – be in place in the event of an accident. If an insured does buy liability insurance, they must purchase uninsured/underinsured and it has to match the liability limits chosen.
It’s funny, New Hampshire is loaded with licensing regulation – Massachusetts is not. For instance, New Hampshire was one of the first to license claims adjusters.
Anyway, the rest of us fall somewhere in between these two. It’s definitely something to consider if you plan on writing business in either state. Don’t forget to vote – your voice matters!