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Wednesday, 17 November 2021 14:24

MI Gov. Announces Savings for Drivers Under Auto Insurance Reform Law

Index

...promote consumer protections, assist families with access to care concerns and review rates filed by auto insurers.

 

Aggregated data from rate filings approved under the new law show that the average statewide Personal Injury Protection (PIP) medical reductions exceeded the statutory requirements in 2020, and that those savings have further increased in 2021, even when rates are adjusted for the increased mandatory Bodily Injury (BI) coverage level. 

 

In addition to the reductions listed above, Michigan has seen: 

 

  • An estimated $1 billion in auto insurance savings back in the pockets of Michiganders 
  • A 27% reduction in rates across the market, according to Insure.com, which means Michigan is no longer the most expensive state for auto insurance  
  • Increased market competition, with 36 new companies or affiliates entering the auto insurance market in Michigan to date 
  • A 61% decrease in the annual Michigan Catastrophic Claims Association assessment, with assessment surplus refunds being prepared
  • More than 66,000 previously uninsured Michiganders have purchased auto insurance coverage without fee or penalty under the law's amnesty period
      

Consumers with questions or concerns about auto insurance can contact DIFS 8 a.m. to 5 p.m. Monday through Friday at 833-ASK-DIFS (833-275-3437), visit Michigan.gov/AutoInsurance or by file a complaint online at Michigan.gov/DIFScomplaints

 

Source: The Office of Governor Gretchen Whitmer

 

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