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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…

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…

Louisiana home to most expensive auto insurance coverage in the US

March 23, 2013March 21, 2013 G. Turner

Survey shows Louisiana leads in terms of auto insurance costs Insure.com, an online insurance marketplace, has released its latest annual survey concerning the average cost of auto insurance throughout the U.S. The survey highlights the cost of auto insurance rates in all states, showing how much consumers can expect to pay to cover their vehicles. This year, the survey shows that Louisiana is at the top of the list of states where auto insurance coverage is most expensive. Maine is the state with the lowest average auto insurance coverage rates.…

National Insurance Crime Bureau finds high level of insurance fraud in Florida

January 25, 2013January 23, 2013 Marc

Florida leads the country in insurance fraud, according to National Insurance Crime Bureau Florida has attracted a significant amount of focus when it comes to fraud in its insurance sector over the past few years. The state’s no-fault auto insurance laws, and some regulations concerning homeowners insurance, have allowed the sector to be easily manipulated and exploited in the past. State legislators recently began overhauling Florida laws to cut down on fraudulent activities, but have found only modest success. The National Insurance Crime Bureau has released new information showing that…