Tag: no fault insurance

Michigan insurance news – no-fault fund transparency

Michigan Auto Insurance news

  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…

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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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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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Florida legislators back new bill that will reform the state’s no-fault auto insurance laws

S.Vagus

As auto insurance fraud is thrusted into the limelight by the actions of federal and state regulators this week in New York, the eleven other states that host no-fault insurance laws are taking a hard look at what can be done to make fraud a less serious issue. Florida is currently the leader in terms of auto insurance fraud, much of which is spurred by the state’s no-fault laws. These laws require insurers to pay benefits to victims of car accidents no matter who may be at fault. Like in…

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Coalition Protecting Auto No Fault seeks to make Michigan car insurance information public

Julie Campbell

The Coalition Protecting Auto No Fault (CPAN), a Lansing-based group, has filed a lawsuit against the insurance system in Michigan at the Ingham County Circuit Court, with the intention of forcing the insurance industry to report the data it collects regarding health and accidents. Officials with the Coalition are working to alter the current insurance system through a proposal of two bills which was made in November and which has been supported by insurance companies. They are seeking to have information from the Michigan Catastrophic Claims Association (MCCA) – a…

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Car insurance companies face increased spending on payments for treating injuries from accidents

Michigan is facing an ongoing battle over its no-fault automobile insurance regulations, specifically where it involves the unlimited coverage it provides for catastrophic injuries, and whether that should be hedged back in order to attempt to control rapidly increasing premiums. A secondary issue within the state – and which is not receiving quite as much attention – is the rising costs of injury treatments from auto accidents. At the moment, these expenses are greater than those for the treatments of injuries that have resulted from other circumstances. According to AAA…

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Which states cost most for car insurance?

Though vehicles cost essentially the same from one state to the next, the same cannot be said for auto insurance policies. Some states have rates up to three times higher than others, even when insuring the same driver with the same vehicle for the same coverage. The following are the states with the highest price for car insurance. It is based on data from the Insurance Research Council. • Michigan is the state with the highest insurance rates in the country. For a 2011 model, the average yearly rate in…

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