Tag: Michigan auto insurance

Auto insurance rates are still highest in Michigan

Michigan health insurance

Drivers in some states are paying far more than those in others. Motorists living in Michigan are still having to pay the largest auto insurance premiums in the country when compared to the average rates seen among the rest of the states. This amount was calculated in terms of the percentage of the driver’s annual income. Michigan residents were the people who pay the largest amount of their income toward covering their auto insurance payments. In fact, the average household pours 8 percent of their annual income into their premiums.…

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New no fault Michigan auto insurance bills passed a House committee

Nordstrom
Michigan Auto Insurance news

Reforms exclude certain populations for payment eligibility. A number of Michigan auto insurance bills which each contain an exclusion for certain populations from being able to collect payments under the no fault law in the state, have passed a House committee. This underscores the legislative attempts to change the system that is compensating injured people in car accidents, no matter who caused it to happen. Those supporting the bills have said that the number and size of the payouts from the personal injury protection (PIP) system have spiked over the…

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No-fault Michigan auto insurance struggling with spike in claims expenses

Julie Campbell

According to a recent study performed by the Insurance Research Council (IRC), the no-fault system for Michigan auto insurance has experienced an increase of 192 percent in the average claimed losses for lost wages, medical expense, and other injury-related costs linked to vehicle accidents within the state, in a period from 2002 to 2001. The IRC study of auto injury insurance claims in no fault systems also demonstrated that within that same period of time, there was an average increase of 13 percent every year within that state. It identified…

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Ranking the states by the cost of auto insurance coverage

Julie Campbell

According to the Insure.com study results, which have only just been released, Louisiana is the state in which it is most expensive to insure a vehicle in the entire country, whereas Maine enjoys the lowest insurance rates in the U.S. The average annual cost of insuring a car in Louisiana is $2,536, whereas in Maine the average cost is only $889. The issues that have been driving the rates higher in many states includes the insurance laws within those states, larger numbers of drivers without insurance, the number of different…

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Drivers in Michigan to see an average car insurance premiums increase of $30

The Michigan Catastrophic Claims Association (MCCA) has just announced that there will be an increase of $30 per vehicle to the auto insurance rates paid by drivers in the state starting on July 1, 2012, as per the new rate for 2012-13. This will raise the average premium by 21 percent, making it $175. Premiums undergo an annual adjustment in Michigan in order to cover the claims that are made under the state’s no-fault insurance law’s unlimited lifetime medical benefits. The results of the assessment are applied to each car…

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