Massey Insurance

  • Below is a collection of Massey Insurance customers’ frequently asked questions. Please check back often for updates.

    What are Risk Retention Groups?
    A risk retention group (RRG) is essentially an insurance company owned by its members/policyholders. As the name implies, risk retention groups are formed for the purpose of retaining risk or self-funding the payment of claims. Members operating similar businesses and facing similar risks form each risk retention group. The risk retention group is licensed and regulated by the state where it is located and may insure members in any state. In the event the risk retention group is unable to pay a claim there is no protection provided by the State or Federal government.

    Depending on how it is managed, a risk retention group can be a money-saving option for insurance offering lower priced coverage when no other affordable options are available. However, members should be aware that a claim or accident of one member could lead to all of the policyholders being forced to pay extra premiums. Additionally, it can be difficult to verify the risk retention group’s ability to pay claims.

    I need to cancel my commercial truck policy. What should I do?
    The cancellation process cannot begin until we receive a signed Lost Policy Release form from you; please contact us and we will promptly provide this form to you. Your cancellation date is dependent on the following items:

    FILINGS
    If you have requested a filing to be made on this policy and if the policy should go into cancellation for any reason, the insurance company is required by the California Department of Motor Vehicles to give a 35-day notice of cancellation. This requirement can only be avoided if proof of voluntary suspension for your CA and ICC authority is provided. After the cancellation date the insurance company, as set forth by the Department of Insurance, has up to 120 days in which to return the unearned premium.

    FINANCED PREMIUMS
    If your policy is financed, any scheduled payments will continue to be due until the unearned premium is received from the insurance company. If the unearned premium is not enough to pay off the balance of your loan with the finance company, you will still be responsible for the amount owed to the finance company.

    REPLACING YOUR COVERAGE
    If you choose to replace your coverage with another carrier, Massey Insurance Services must be notified at least 40 days before your new coverage is to become effective. This will prevent you, the insured, from paying for double coverage.

    MINIMUM EARNED AND FULLY EARNED PREMIUMS
    If your policy has a "Minimum Earned Premium" or '"Fully Earned Premium" clause, you will be responsible for that premium regardless of what date you request cancellation. Also, there are NO FLAT CANCELLATIONS for these policies.

    COMPANY FEES
    All company fees are fully earned and are non-refundable. This does not apply to the Massey Insurance Services Fee. Please see our Money Back Guarantee for more information.

    What if I need to add a driver to my policy?
    Contact our office to confirm the driver can be added for coverage. There is no coverage for new drivers until they have been added AND confirmed by the insurance company.

    I just bought a new truck. How much time do I have to call and add it to my policy?
    Commercial vehicle need to be added immediately and do not qualify for automatic coverage like a personal auto.

    I deleted a vehicle from my policy. Why hasn’t my monthly payment gone down?
    By California DOI law, your insurance company has up to 120 days to endorse changes to your policy and return any premiums to you. Most companies average 45 – 60 days to process endorsements, however at times the company may take up to the legal limit. This process is further delayed when you have financed your insurance premiums and the return needs to be sent from the insurance company to the finance company.

    What if I move?
    Contact us immediately to report any change in mailing or garaging address, phone number or mileage.

    What if I am in an accident?
    In the event of an accident, you should collect as much information as possible and promptly report the accident to your agent or insurance company. Regardless of fault, prompt reporting of claims allows your insurance company to conduct a more accurate investigation ensuring a more timely resolution.