Live Insurance News

Auto insurance set to rise in Michigan

April 4, 2013April 3, 2013 Logan B.

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…

Auto insurance rates are on the rise for Michigan drivers

April 1, 2013April 30, 2013

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…

Auto insurance reforms introduced for Michigan’s no fault system

March 12, 2013April 30, 2013

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…

Auto insurance no fault regulation in Michigan could change

January 16, 2013April 30, 2013

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…

Michigan insurance news – no-fault fund transparency

January 9, 2013April 30, 2013

Every car in Michigan pays a $175 yearly fee to the Michigan Catastrophic Claims Association. In recent insurance news, one Judge in Ingham county decided that the public fund should be open for review so residents can understand how the fund sets the annual rate. No-fault and catastrophic loss The MCCA was created by state legislation to help Michigan insurance companies that pay out more than half a million in claim money to people in car accidents and suffer life altering injuries. This limit is for individual claims. Residents have…