NFL PROSPECTS PROTECT THEIR FUTURE EARNING POWER; THE RISE OF THE LOSS-OF-VALUE INSURANCE POLICY

Washington Redskins Running Back Silas Redd (image credit: Mark E. Tenally, Associated Press)

October 13, 2015

Habig & Magoon Insurance Agency has been serving the people of southeastern Massachusetts, and beyond, for almost 80 years. We have always been family owned, and always independent.

Forging and practicing strong relationships and communication with our customers is fundamental to the value we provide our customers – and a primary reason we have been the choice of generations of many families.

Of course, this blog is one a way we communicate with our customers, and with the community at large.

We endeavor to make this blog a place to find helpful insurance related information.

As well, we also use this space to provide fun and entertaining information that is related to our business, and to the local community.

For example, the post about the New England Patriots and the team’s tie to Easton, which appeared on September 30^th. Please click here to access the post.

In keeping with the NFL football theme, and tying it to insurance, today we moseyed around a bit online and found some interesting information about NFL prospects and a form of insurance called “loss-of-value” insurance.

This is a type of insurance that an NFL prospect will take out to protect himself in the event of an injury or illness that may decrease his signing and market value.

Actually, loss-of-value insurance, is taken out by athletes that are prospects to play in other pro sports leagues – but because of the injury laden nature of football, especially big-time football, loss-of-value insurance is more prevalent and popular with players that the pro football ranks has its eyes on, than it is with players that are meriting attention from other professional sports leagues.

Loss-of-value insurance, to protect potential livelihoods earned in pro sports, is a relatively new phenomenon.

Two NFL players making the news recently for their loss-of-value policies are Silas Redd, running back for the Washington Redskins, the first in the league to collect on a loss-of-value policy, and Ifo Ekpre Olomu, cornerback for the Cleveland Browns.

Mr. Redd received an undisclosed amount. Mr. Ekpre-Olomu is scheduled to collect $3 million on his policy.

Both Mr. Redd and Mr. Ekpre-Olomu sustained injuries on the collegiate level that affected their NFL earning power.

To learn more about loss-of-value insurance policies, please click here.

It is almost certain that loss-of-insurance policies will become more popular among athletes that are strong prospects to play at the pro level.

Habig & Magoon Insurance Agency will provide updated information on these policies here on this blog in the future.

HABIG & MAGOON INSURANCE AGENCY DISCUSSES, AND SHARES INFORMATION ON, HOW WORKING FROM HOME MAY HAVE IMPORTANT HOME AND AUTO INSURANCE COVERAGE IMPLICATIONS

A Home Office (photo credit: FreelanceShow)

September 22, 2015

Habig & Magoon Insurance Agency has been in business for almost 80 years. And ever since our launch, on Clifton Avenue in Brockton, in 1937, we have been independent and family owned.

One of the primary ways that Habig & Magoon Insurance Agency has consistently, for all the years we have operated, provided our customers with premium value, is that we remain current on changes across society, and insurance, specifically – with a focus on determining how these changes may affect the best and most cost efficient means to insure lives and property.

And when we identify an opportunity to better serve our valued customers, we act on it – with an initial action being communicating with our customers about what options are available to be more effectively, and smartly, covered.

A societal change ongoing, and ramping up, and gaining speed and increasing in volume, is people working from home, on either a part-time or full-time basis.

Of course, a major reason for this change is growth and adoption, and improvement, of online, wireless, and mobile communications.

Working from home can have an important and highly consequential impact on the type and amount of home and auto insurance you should carry.

Today, in this space, Habig & Magoon shares an article that focuses on the home and insurance auto implications of working from home.

Please click here to be taken to a story, titled, “Business: Working from home? Check your insurance cover,” published in today’s edition of finweek.

If you work from home, especially if you do a lot of work from home, we encourage you to read the story, and also give us a call, and we can discuss whether your work situation warrants a review of your insurance policies – and what changes, if any, maybe, of definitely, should be made.

The world is always changing.

So, too, is the business and nature of insurance.

A WARNING TO DRIVERS – DON’T LET AUTO SAFETY TECHNOLOGY MAKE YOU COMPLACENT … AND CAUSE YOU TO LOSE FOCUS. DRIVER AND ROAD SAFETY IS STILL PRIMARILY THE RESPONSIBILITY OF THE PERSON BEHIND THE WHEEL

July 15, 2015

Habig & Magoon Insurance Agency has been serving the people and businesses of southeastern Massachusetts for almost 80 years.

And since our founding – in 1937 – we have always been family owned and independent.

Through the years, and as we have served generation after generation, we have joined society in observing extraordinary developments in the automobile. Developments in style, fuel consumption, type of fuel used, performance, comfort … and safety.

On the safety front, we found an excellent and informative site that provides an illustrated history of automobile safety. Please click here to be taken to the history, which is published at visually, the website of a consortium of digital and online content artists and developers.

Among the automobile safety developments Habig & Magoon has witnessed include – even if from advent to widespread adoption took many years – were the first test crash dummy (1949), airbags (1951), crumple zone (1952), antilock braking system (1958), traction control (1987), blind spot warning (1998), lane departure warning system (2002), and pedestrian detection system (2010).

Habig & Magoon is an enthusiastic supporter and trumpeter of all smart and effective auto safety technology.

Yet we also want to emphasize the very real potential for safety technology to lull drivers into relying too much on the technology, and being befallen with a false sense of security, which causes a loss of awareness, caution, and focus.

Going back almost four years ago now, Wired magazine ran a story, titled, ”Too Much Safety Could Make Drivers Less Safe”, which highlighted and made the case that … well … “too much” auto safety technology could promote dangerous complacency in drivers.

The article also argues that as auto safety technology advances – which results in cars performing differently – to keep drivers and roads safe, it may require putting an end to the “American tradition of driver’s education only for new drivers.”

Yes, driver’s education maybe should be more of an ongoing thing.

And, for sure, ongoing – as Habig & Magoon Insurance Agency urges – is for all drivers to remember and be ever vigilant while driving – and to always understand and recognize that driver and road safety is primarily the responsibility of the person behind the wheel.

DRIVERLESS TECHNOLOGY WILL CONTINUE TO REDUCE ACCIDENTS – AND ACCIDENT CLAIMS. HABIG & MAGOON INSURANCE AGENCY IS TOTALLY ALL RIGHT WITH THAT

Self driving Mercedes-Benz car (image credit: Mercedes-Benz)

In the almost 80 years Habig & Magoon Insurance Agency has served people and businesses of southeastern Massachusetts, we have seen a lot of changes in the economy, and in the insurance industry.

That we have been around so long, always family owned, is testament to our ability to change, adapt, and innovate – while always holding tightly to fundamental values that inform and guide us – and always deliver for our customers personalized attention and premium value.

A major change – a seachange – in the auto industry is one that has many thinking and wondering how it will affect auto insurance.

We are talking about driverless cars.

What will happen to the business of auto insurance when a computer, a machine, an electronic system, is driving a car or truck or van … or whatever automobile … instead of a human?

Habig & Magoon Insurance wonders too.

First off, we are thinking that just because an activity can be done by automation doesn’t mean the people will surrender performing – hands on, themselves – the activity.

There is a joy in doing – and many people like driving – provided, of course, it’s not in heavy traffic. And, curiously, it is the effective and safe navigating through and along busy streets that is among the driverless auto technologies that is furthest off in the future from being achieved.

An interesting and educational story on cars that drive themselves – and how the invention still has a long way to go before it will be safe and useful across all driving environments – is the June 6 story in the Wall Street Journal, titled, “Google and the Self-Driving Delusion: Who wants to be on the road with the guy whose car is screaming at him to wake up and take control?”, written by Holman W. Jenkins, Jr., one of the Wall Street Journal’s staff columnists.

But driverless technology – cars that drive themselves – will one day be operating on just about every street and thoroughfare in our nation.

As for driverless cars and insurance, we agree with thesis of a story published this Monday in TheStreet, which was written by Craig Adeyanju. That thesis is conveyed in the title of the story: “Driverless Cars Won’t Disrupt the Insurance Industry Anytime Soon, Here’s What Will”.

In the story, Mr. Adejanju explains that while driverless autos won’t go “mainstream anytime soon,” the” increasing application of driverless car technology to traditional vehicles” will result in far fewer accidents and far fewer claims.

Far fewer accidents and far fewer claims will greatly affect the insurance industry.

But, you know, the “challenge” of a world in which the frequency of accidents and accident claims are greatly reduced – and our streets are far safer – is one with which Habig & Magoon Insurance Agency can live.

We suspect so too can everyone else.

OF STOLEN CARS AND MASSACHUSETTS. FORTY YEARS AGO, MASSACHUSETTS WAS THE AUTO THEFT CAPITAL OF AMERICA. NO MORE. A PLUNGE OF ALMOST 90 PERCENT – OVER FOUR DECADES – IN THE AUTO THEFT RATE IN THE STATE IS OWED IN A MAJOR WAY TO USE OF ANTI-THEFT TECHNOLOGY

May 27, 2015

The topic of the previous post in this space was the most stolen and least stolen cars in America.

The stealing of cars,or any auto, of course … a most destructive and pernicious act – is one in which the issue of insurance is paramount.

Habig & Magoon Insurance Agency – a leading independent insurance agency serving people and businesses in southeastern Massachusetts – has a long established, sound, and highly regarded reputation for providing its clients with excellent and customized auto insurance at a valued price.

Auto theft in America had been on an eight year decline – from 2004 through 2012. However, the decline halted in 2012, when there was a slight uptick in auto theft – and the trend continued in 2013.

Where does Massachusetts rank among the 50 states in rate of auto theft?

Right around in the middle.

You might not consider this a comforting statistic – or a nice place to be for the commonwealth.

But if we use a little perspective here, middle of the pack is a very nice place – and that is because 40 years ago, Massachusetts was the auto theft leader in all of the United States. Yep, we were #1 – and not in a good way.

A primary reason for the decline in auto thievery in Massachusetts is that, among our car owners, there is widespread use of effective anti-theft technology.

Here is an excerpt from a March 3, 2013 Boston.com story (written by Peter Schworm and Matt Carroll), titled “Mass car theft scourge fading: Rate plummets over four decades; New devices prevent attempts”:

In 1975, when Chevelles and Cutlasses ruled the road, Massachusetts held the dubious distinction of being the country’s car theft capital, with an astounding 1 of every 35 registered motor vehicles reported stolen.

Today, motorists can worry far less about having their cars disappear. Auto thefts in Massachusetts have plunged 88 percent in the past four decades, a technology-aided decline that shows little sign of abating.”

Please click here to read the full story.

(As more up to date national and Massachusetts auto theft data becomes available, we will share it here.)

Habig & Magoon Insurance Agency strongly advises putting to use technology to protect your auto from would-be thieves.

If you have questions as to the best types of auto theft protection, please give us a call at 508-238-3330, or email us at info@habigmagoon.com. We are happy to discuss options with you.

TALKING ABOUT AUTO INSURANCE – AND THE CARS MOST AND LEAST OFTEN STOLEN IN AMERICA

Used Honda Accord – the most stolen car in America (image credit: Wikipedia)

May 19, 2015

Habig & Magoon Insurance Agency is a leading family-owned independent insurance agency that has been in business for close to 80 years.

We launched in Brockton in 1937 – and continually since then have served the local community with honesty, hard work, valued products, and a commitment to superior customer service.

Of course, a major portion of our business is automotive insurance. We insure all types of automotive vehicles – for individuals and businesses.

We specialize in working with our customers to provide them with the right coverage at the best price – no matter at what stage they are in in their driving career, and no matter their driving history.

Habig & Magoon makes sure you are covered for all auto “event” eventualities.

And all losses – even theft.

And, of course, we hope it never comes to that.

And we don’t like to dwell on the negative.

But there is no getting around that we do deal in the loss and coverage business.

In today’s post, we thought it interesting … and this provides some interesting background and perspective … to take a look at the cars that types of cars that are most often stolen, and least often stolen, in America.

Curiously … or maybe you don’t find it curious … as reported in a Forbes story, written by Jim Gorzelany, that was published last August, the luxury, posh, cars aren’t the most stolen.

Which cars are most stolen? Please click here to be taken to the story to find out.

As for those cars that are least stolen, please click here to be taken to a story, written by Jason Siu, that ran at AutoGuide.com on July 10, 2013.

The good news is that, since 2006, the rate of car theft in the U.S. has been decreasing.

Let’s hope it keeps up.

THE NEW HEADLIGHTS LAW – AND WINDSHIELD WIPERS; A SMALL FINE FOR A VIOLATION … BUT THE OFFENSE IS SURCHARCHABLE ON YOUR INSURANCE; AS WELL, AND MOST IMPORTANT, THE NEW LAW MAKES THE ROADS SAFER

April 15, 20015

You may have read or heard about the new law in Massachusetts – the one that went into effect on April 7.

Yes, that is the law that requires motorists put on their headlights (fog lamps are not sufficient) when the auto they are driving has their windshield wipers employed.

The law mandating headlights on when windshield wipers are on was actually created as an amendment to preexisting law: section 15 of chapter 85 of the Massachusetts General Laws.

The new law makes safety sense.

Following is the language of the law as passed by the Massachusetts state legislature:

A vehicle, whether stationary or in motion, on a public way, shall have attached to it headlights and taillights which shall be turned on by the vehicle operator and so displayed as to be visible from the front and rear during the period of 1/2 hour after sunset to 1/2 hour before sunrise; provided, however, that such headlights and taillights shall be turned on by the vehicle operator at all other times when, due to insufficient light or unfavorable atmospheric conditions, visibility is reduced such that persons or vehicles on the roadway are not clearly discernible at a distance of 500 feet or when the vehicle’s windshield wipers are needed; provided further, that this section shall not apply to a vehicle which is designed to be propelled by hand; and provided further, that a vehicle carrying hay or straw for the purpose of transporting persons on a hayride shall display only electrically operated lights which shall be 2 flashing amber lights to the front and 2 flashing red lights to the rear, each of which shall be at least 6 inches in diameter and mounted 6 feet from the ground.”

Now, if you get pulled over for violating the law, the officer or trooper can give you either a verbal or written warning – or write you a ticket for $5.

A warning or $5 ticket might not seem like a big deal – but a ticket with a fine is an event that is surchargable on your auto insurance.

Habig & Magoon Insurance Agency strongly advises all drivers to put on those headlights when you have on your windshield wipers.

Some Things to Consider When Deciding Whether to File an Auto Claim. In the Interest of Avoiding Premium Hikes, Sometimes it Makes More Sense to Pay for the Repair Yourself

February 25, 2015

Habig & Magoon Insurance Agency is an independent insurance agency, always family owned, that has been serving people and businesses for close to 80 years.

We are based in Easton, MA, and our clients are primarily, but not exclusively, located in southeastern Massachusetts.

Being independent, we not only select and customize, for our customers, policies offered through several of our highly valued insurance partners, but we build and maintain helpful lines of communication with our customers, through which – even after a policy is in place – we advise and counsel as to whether to file a claim.

Furthermore, if makes sense to file a claim, we can help people make a smart decision as to the extent and particulars of that claim.

Yes, for sure, it is frequently the case that when an auto or property that is insured sustains damage or loss – especially if it minor damage or loss – there is the competing interest of whether or not to file a claim or to pay out of pocket for the repair or replacement.

Consider the case with auto insurance claims.

Consider this excerpt from a story, titled, “Small Auto Claims Can Turn Into Big Premium Hikes,” in the March 15 issue of Money magazine:

Filing just a single claim after a car accident raises your auto insurance an average of 41%, according to a new study from InsurancQuotes.com. These rate hikes which usually kick in only if the accident is your fault, range from a high of 76% in Massachusetts to a low of 22% in Maryland.”

Yes, that’s right – and it probably surprises no one – that the state with the biggest rate hike for filing a claim is Massachusetts.

Yet, as well, advised in the story is the following:

You should file, though, if someone is hurt, says Michael Barry, a spokesman for the Insurance Information Institute trade group. Bodily injury costs, he explains, can reach five times the payout of a property-damage claim. Also file, he says, if your policy includes accident forgiveness … “

A perfect world is one with no auto accidents. We don’t live in a perfect world.

Habig & Magoon Insurance Agency can help you decide on whether or not to file an auto claim.

HABIG & MAGOON INSURANCE AGENCY SHARES AND RECOMMENDS HELPFUL AND VALUABLE INFORMATION ON SAFE WINTER DRIVING

(image credit: Wellness Proposals)

December 16, 2014

Habig & Magoon Insurance Agency, always family owned, has served the people and businesses of southeastern Massachusetts (and beyond) for close to 80 years.

We are committed to providing our customers the most valuable and personalized insurance coverage at the best price.

We also recognize that a necessary and essential and major part of our job is to advise and share information that helps people reduce risk and better protect lives and property.

Accordingly, today – and with winter upon us here in New England – we recommend a “Winter Driving Tips” slideshow that can be found at safercar.gov – a media outlet of the National Highway Traffic Safety Administration.

Please click here to be taken to the slideshow.

And please remain aware and prepared – for slippery and wet and cold that makes it difficult to steer …. and snow and sleet that makes it difficult to see.

Stay safe.

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