Get Caught Up: Did Michiganโs auto insurance reform really save us money? A look at the facts
It's been three years since Michigan lawmakers passed a bipartisan auto insurance reform package that promised to save us all money. Well, did it? Here's a look at the numbers and what should be done next.
Michigan car insurance fee for medical coverage will drop
LANSING, Mich. โ Michigan drivers who want unlimited personal injury protection benefits will pay $86 per vehicle starting next summer, down from $100 currently. The fee was mandatory for decades but became optional beginning in July under a change in state law. The Michigan Catastrophic Claims Association, a state-created nonprofit entity that reimburses auto insurers for medical claims surpassing $580,000, announced the 14% fee reduction Wednesday. Motorists who forego personal protection benefits entirely and those who choose less coverage do not have to pay the assessment. The insurance industry said the reduced fee underscores the need to keep the law, which โ beginning next July โ will also set a fee schedule for care covered by auto insurers.
Michigan auto insurance changes July 1, 2020 -- here's what to know
Michigan auto insurance changes July 1, 2020 -- here's what to knowPublished: July 1, 2020, 7:36 amMichigan lawmakers approved bipartisan auto insurance reform legislation last spring aimed at cutting costs for Michigan drivers who have paid the highest insurance rates in the country. This gives drivers a choice regarding level of coverage -- but they will likely have to take action.
How to deal with Michiganโs new auto insurance law
DETROIT โ Michiganโs new auto insurance law is one many residents have been waiting for because of the lower rates, but there are complex choices drivers have to make. The lower auto insurance rates arrive Thursday (July 2). Youโre going to want to look to see if you have whatโs called โcoordinated coverage.โThatโs medical insurance. Liability coverageThe second choice surrounds liability coverage. โItโs taking about 45 minutes to an hour to educate a consumer and let them know their options and make an educated choice,โ Shrock said.
Michigans auto insurance law changes tomorrow -- Are you ready?
DETROIT Michigan drivers should have the choice of cutting their auto insurance costs starting this week. Michigan lawmakers approved bipartisan auto insurance reform legislation last spring aimed at cutting costs for Michigan drivers who have paid the highest insurance rates in the country. This gives drivers a choice regarding level of coverage -- but they will likely have to take action. And under the new law the 20% of Michiganders who are currently driving without insurance will be able to get legal without facing a penalty. Insurance Alliance of Michigan member companies are committed to doing their part to educate their customers about the upcoming changes to Michigans auto no-fault law and helping drivers find the right plan for them and their family.
Michigan car insurance changes on July 1: What you need to know
Michigan drivers should be able to cut their auto insurance costs starting this week -- but you may need to take action. Michigan lawmakers approved bipartisan auto insurance reform legislation last spring aimed at cutting costs for Michigan drivers who have paid the highest insurance rates in the country. The new law requires that auto insurance agents and auto insurance companies give you forms that describe the benefits and risks of the coverage options. You may also want to talk with an auto insurance agent to discuss your personal auto insurance needs. Michigan auto insurance law video:
Michigan auto insurance changes on July 1: How to lower your costs
Michigan drivers should be able to cut their auto insurance costs starting this week -- but you may need to take action. Michigan lawmakers approved bipartisan auto insurance reform legislation last spring aimed at cutting costs for Michigan drivers who have paid the highest insurance rates in the country. The new law requires that auto insurance agents and auto insurance companies give you forms that describe the benefits and risks of the coverage options. You may also want to talk with an auto insurance agent to discuss your personal auto insurance needs. Michigan auto insurance law video:
Detroit Mayor Mike Duggan talks auto insurance changes
READ: Michigan launches website to make sure drivers are prepared for auto insurance changesItโs the medical coverage portion of your auto insurance that, up to now, had to be unlimited and the most expensive in the country. Detroit Mayor Mike Duggan lobbied hard for insurance reform since Detroiters pay exorbitant premiums. WATCH: Detroit mayor walks through process of lowering auto insurance costโYou have to act for yourself or it wonโt change,โ Duggan said. You can keep your unlimited coverage if you want to. READ: Michigan governor and state agency announce order requiring auto insurance refunds due to COVID-19
WATCH: Detroit mayor walks through process of lowering auto insurance cost
DETROIT โ Detroit Mayor Mike Duggan gave an informational presentation to walk Detroit motorists through their auto insurance bills to help them better understand the new law that takes effect July 2 and how to lower their monthly insurance premiums most effectively and appropriately for their individual circumstances. The mayor went into significant detail, so people watching are encouraged to have a copy of their own bill handy to follow along. Also joining the Mayor for the presentation was attorney Mark Bernstein, a member of his firm Shereen Silver and Leroy Mattic from AAA of Michigan. All are experts in auto insurance law. Similar to the Mayorโs COVID-19 budget presentation in April, this was be a community meeting-style presentation to Detroiters that may be monitored by the media, not a press conference.
Michigan governor and state agency announce order requiring auto insurance refunds due to COVID-19
Gretchen Whitmer and the Michigan Department of Insurance and Financial Services on Monday announced that DIFS Director Anita Fox has ordered all auto insurers in Michigan to issue refunds or premium waivers to consumers as a result of insurance companies reduced risk due to extreme reductions in driving during the COVID-19 pandemic. Michiganders have been staying safe and staying home and they should see the benefit in reduced auto insurance rates during the COVID-19 pandemic, said Whitmer. Every family is feeling added financial pressure due to this virus, and this order will provide some much-needed relief to drivers.DIFS Order No. Whitmer lifts stay-at-home order across state, reopening restaurants, moreThis order will ensure all insurers are issuing appropriate refunds or premium waivers to their customers, said Fox. Contact DIFS Monday through Friday from 8 a.m. to 5 p.m. at 833-ASK-DIFS (275-3437) or by emailing autoinsurance@michigan.gov.
Michigan launches website to make sure drivers are prepared for auto insurance changes
DETROIT โ Changes to auto insurance premiums in Michigan are coming on July 1. Drivers will now have a choice when it comes to coverage level and the Michigan Department of Insurance and Financial Services has launched a website to help consumers navigate the process. The website shows the various coverage levels, the paperwork and documentation required as well as the questions to ask your agent. In addition the state is contracting with six actuarial firms to ensure the numbers coming from the insurance companies are accurate. โSo that if they have lower costs and this new law as we anticipate they will also have to pass these on to people who are buying the insurance policies.โThey also have a hotline: 833-275-3437Click here to learn more about Michiganโs new auto insurance law.
Michigan car insurance fee falling to $100 per vehicle in July
LANSING, Mich. โ Michigan drivers who want unlimited lifetime coverage for crash injuries will pay $100 per vehicle starting in July โ a reduction from record $220 they are assessed now. The Michigan Catastrophic Claims Association announced the 55% fee cut Wednesday, months after the passage of a new law making the mandatory benefit optional beginning next summer. The state-created entity that reimburses insurers for claims surpassing $580,000 says those who buy less personal injury protection coverage will avoid the $100 fee altogether, unless the association is in a deficit position. Michigan has the highest average car insurance premiums in the country.