Live Insurance News

Auto insurance rates are high in Detroit

September 16, 2014September 17, 2014 S.Vagus

Detroit is home to some of the highest car insurance rates in the country Owning a vehicle in Detroit, Michigan, is quite expensive, according to a new study from InsuranceQuotes.com. The study highlights the cost of auto insurance coverage throughout the U.S., taking note of where insurance rates are highest. Notably, Detroit is home to some of the highest insurance premiums in the U.S. The city’s rates are even higher than those found in New York City, where auto insurance has long been plagued by fraud and other issues. Rates…

Michigan Chamber of Commerce to launch its own health insurance exchange

August 19, 2014August 16, 2014 S.Vagus

New insurance exchange is being prepared for Michigan The Michigan Chamber of Commerce is taking action on health insurance coverage in the state. The Chamber of Commerce has been keeping track of the Affordable Care Act and how its various provisions are being enacted. State officials have noticed two troubling trends: The commissions of the state’s insurance agents has been dropping and the state’s health care system became significantly more complicated than it had been before. In order to alleviate issues that have emerged in the state’s market, the Chamber…

Health insurance companies submit plans for Michigan’s insurance exchange

June 11, 2014June 8, 2014 S.Vagus

Insurers have submitted policies and rate proposals for products sold through state’s exchange Michigan’s insurance companies have submitted their new policies and rate proposals to the state’s health insurance exchange. These policies are to be sold during the exchange’s next open enrollment period, which is expected to occur in November of this year. Last year, some 272,000 people throughout Michigan enrolled for coverage through the state’s insurance exchange. These people received their policies from the 14 insurance companies that are participating in the exchange. Regulators will review policies and their…

Health insurance competition low in South Carolina

November 12, 2013November 9, 2013 S.Vagus

South Carolina health insurance market lacks competition A new report from the American Medical Association suggests that South Carolina may have one of the least competitive health insurance marketplaces in the U.S. The state falls behind Alabama, Hawaii, Michigan, Delaware, and Alaska in terms of a lack of competition in its insurance market. Despite the existence of the state’s health insurance exchange, competition among insurers remains low, limiting the options that state residents have regarding the coverage they have access to. Blue Cross Blue Shield boasts of majority of the…

12 First Time Homebuyer Mistakes to Avoid

September 14, 2013April 17, 2014 Kirk Chivas

As the housing market and economy continue to strengthen, many folks feel they are back on their feet and are looking to buy their first home. The price for renting a home continues to increase as well, adding urgency to many young adults. Understanding the Home Buying Process Buying your first home is an intimidating process. Not only is this uncharted territory, this is usually the largest financial purchase you will make in your lifetime. Plus, there are a lot of moving parts including finding a home, making the offer,…

Michigan lawmakers seek to limit auto insurance benefits

May 8, 2013May 7, 2013 Logan B.

Lawmakers take aim at auto insurance benefits Michigan legislators have begun addressing the issues associated with the state’s no-fault auto insurance laws. Currently, state law ensures that lifetime medical benefits to victims of auto accidents throughout the state are unlimited. This provision of the law has long been a point of contention for the auto insurance industry, which considers unlimited benefits to be somewhat excessive in most circumstances. The no-fault law has, in some regard, contributed to the growing costs of auto insurance coverage, and lawmakers are looking to address…

New law rattles insurance industry in Michigan

April 5, 2013September 21, 2013 S.Vagus

Michigan insurance industry balks at new law A new law has gone into effect in Michigan that will change the way the state’s insurance industry prices coverage. The law was passed on March 28 of this year and changes the way insurance companies can use a consumer’s credit information to deny or cancel auto, home, health, and other kinds of insurance coverage. In many states, insurers are barred from using socio-economic information to price coverage at all. In Michigan, however, the insurance industry claims to rely on this information as…