Auto insurance reform details unveiled for Michigan

Michigan Auto Insurance

The new plans for a no fault system have now been unveiled in the hopes of driving rates down. Drivers in Michigan have just received news regarding the reform package for the auto insurance system in the state, which is meant to lower the skyrocketing premiums that they are paying. At the same time, data was revealed regarding a $14 billion catastrophic accident claims fund. The bills for these auto insurance reforms are still drafts, but if they move ahead, they will change the structure of the Michigan Catastrophic Claims…

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Auto insurance overhaul moving to the Michigan House

michigan auto insurance

The lawmakers will be considering a change to the system to cap payouts for catastrophic injuries. After passing out of committee along party lines, last week, legislation for placing a cap on auto insurance catastrophic injury payments at $1 million is now headed to the House in Michigan. Should the bill pass, it would eliminate the unlimited lifetime medical benefits for accident victims next year. It would mean that anyone injured in an accident as of January 1, 2014, will have a limit to the payments that will be available…

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Auto insurance system changes in Michigan arise in Legislature

Michigan health insurance

The overhaul is meant to be a massive one that will help to combat systemic issues. The official introduction of the proposed changes to the no fault auto insurance system in Michigan was finally made to the legislature this week, to help to repair a number of issues that are keeping costs extremely high for consumers. The state has the second most expensive premiums for driver coverage in the entire country. Rep. Pete Lund (R-Shelby Township), made the introduction of the bill (HB 4612), in order to place a cap…

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Auto insurance set to rise in Michigan

auto insurance premiums

Auto insurance fee set for 6% increase on July 1 The Michigan Catastrophic Claims Association, a non-profit, state-backed organization that helps support the auto industry, has announced that drivers can expect to pay more for their auto insurance coverage beginning this year. According to the organization, the annual fee that is associated with auto insurance policies will rise by 6% on July 1 of this year. This fee is levied on policies to help cover the costs of personal injury and the state’ no-fault auto insurance rules. Fee designed to…

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Auto insurance rates are on the rise for Michigan drivers

Auto Insurance News

The no fault coverage for the motorists across the state is about to become more expensive. The latest reports from Michigan have shown that the cost of auto insurance per vehicle will be increasing by 6 percent, to an average of $186 percent for coverage of injuries resulting from crashes. The increases are expected to be put into place by July 1, said an industry board. The announcement of the new higher fee was made by the Michigan Catastrophic Claims Association (MCCA). At the moment, the cost of the coverage…

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Auto insurance reforms introduced for Michigan’s no fault system

Michigan Auto Insurance News

The Senate is now considering the current unlimited personal injury protection at $50,000. New legislation has just been introduced into the Michigan Senate, which would change the current unlimited personal injury protection (PIP) protection from the state’s no fault system and cap it at $50,000. Michigan is currently the only state where vehicle related injuries are covered for a lifetime of medical care. The current no fault auto insurance system in the state would provide someone who was injured in a vehicle accident with an unlimited personal injury coverage for…

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Auto insurance no fault regulation in Michigan could change

michigan auto insurance

Many people in the state are pushing to have this required element of the policy removed due to cost. The Insurance Institute of Michigan, insurers, other people in the industry, and the residents of the state are now recognizing that the auto insurance in the state requires some changes in order to keep its rapidly rising costs under control. The no-fault portion of the required coverage in the state is leading the cost of car ownership skyward. Now many are starting to feel that this auto insurance system is ready…

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