Speedlux

  • Home
  • Advertise with us
  • Join Our Team
  • Privacy Policy
  • Business opportunities
AdvertiseWith Us

Michigan auto insurance third highest in U.S. after Louisiana and New Jersey

by admin / Tuesday, 31 January 2017 / Published in Car Insurance
National Association of Insurance Commissioners (NAIC)

A recent report from the National Association of Insurance Commissioners puts the Michigan’s vehicle insurance premiums at the 3rd highest in the country, just behind Louisiana and New Jersey.

The report lags behind real-time information, and determines the 2014 combined average premium, that includes liability, accident and extensive coverage costs. Michigan’s combined average premium in 2014 was $1,351, 3rd highest in the country. The nationwide average was $982.27.

That’s a boost from 2013, when Michigan’s combined average premium used to be $1,264 and the fifth highest in the country.

The nationwide combined average premium boosted by 8.17 percent from 2010 and 2014, while Michigan’s boosted by 24.45 percent over that same duration.

“This study reinforces a harsh reality for drivers across our state: They pay some of the highest auto insurance coverage premiums in the country,” stated Mark Fisk, representative for the Michigan Insurance Union. “It also reveals that Michigan’s auto no-fault laws remain in desperate need of reform to make vehicle insurance more budget-friendly for drivers across the state.”

There is some appetite for modification in the legislature, where agents heard about the state’s sky-high vehicle insurance rates on the campaign trail last summer.

The offender, according to some, is Michigan’s no-fault auto insurance system, which offers unlimited lifetime medical advantages for car accident victims. Michiganders pay a $160-per-vehicle fee to the Michigan Catastrophic Claims Association, which then compensate auto insurance providers for vehicle crash-related medical expenses that go beyond $545,000.

Lori Conarton, communications director of the Insurance Institute of Michigan, states that Michiganders spending for that personal injury protection. The majority of other states cap it.

“I think that it shows what’s happening here in Michigan due to our truly high mandate that everybody buy unlimited lifetime benefit. When you have the highest advantage, you’re going to have high premiums,” Conarton stated.

Josh Hovey, representative for the Coalition to Protect Auto No-Fault, stated Michiganders got a great deal of value from the no-fault system. Without it, he stated, individuals with injuries above a certain dollar amount would need to go out their personal financial resources and rely on Medicaid.

“Even if we dropped that $160 charge and eliminated the MCCA, we would still be among the highest in the county. So there’s more than just no-fault going on,” Hovey stated.

The Union to Protect Auto No-Fault is dedicated to working with legislators, Hovey stated, on reforms that could bring expenses down. One, he stated, would be developing a scams authority to weed out those who abused the system.

The Insurance Institute of Michigan, is also aiming to deal with legislators on measures that could bring premiums down, Conarton stated.

  • Tweet
Tagged under: auto insurance, auto insurance in Michigan, Car insurance, Insurance Institute of Michigan, Josh Hovey, National Association of Insurance Commissioners

About admin

What you can read next

Car Insurance
The 4 Biggest Mistakes People Make with Car Insurance
insurance of car
Types of Car Insurance to Consider
insurance of car
Facts You Didn’t Know About Car Insurance

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Polls

Do you trust Volkswagen and its brands anymore?

View Results

Loading ... Loading ...

Speedlux on Facebook

Twitter

Unable to load Tweets

Follow

Categories

  • 9ff
  • ABT Sportsline
  • Acura
  • Alfa Romeo
  • American
  • Arash
  • Ariel
  • ASI
  • Asian
  • Aston Martin
  • Audi
  • Australia
  • Avus Performance
  • BAIC
  • Bentley
  • BMW
  • BMW
  • BRABUS
  • Bristol
  • Bugatti
  • Buick
  • Cadillac
  • Canada
  • Car Insurance
  • Car Loans
  • Cars
  • Chevrolet
  • China
  • Chrysler
  • Citroen
  • Classic Recreations
  • Concepts
  • Custom cars
  • Dacia
  • Daimler
  • Devon
  • Dodge
  • Drones
  • Ducati
  • edo competition
  • Etc.
  • European
  • Events & Shows
  • Fenix Automotive
  • Ferrari
  • Fiat
  • Ford
  • G-POWER
  • Games
  • GeigerCars
  • Gemballa
  • General Motors
  • Google
  • Gumpert
  • Hamann
  • Heffner Performance
  • Hennessey Performance
  • Honda
  • HTT
  • Hulme
  • Hyundai
  • Incidents
  • India
  • Infiniti
  • Jaguar
  • Jeep
  • Joss
  • Kahn Design
  • Keating
  • Kepler Motors
  • Koenigsegg
  • Lamborghini
  • Land Rover
  • Lexus
  • Lingenfelter
  • Lorinser
  • Lotus
  • Luxury
  • Mahindra
  • Manhart Racing
  • Mansory
  • Maserati
  • Maybach
  • Mazda
  • McLaren
  • Mercedes-Benz
  • MINI
  • Mitsubishi
  • more
  • Motorcycles
  • MTM
  • Nissan
  • Noble
  • NOVITEC ROSSO
  • Other makes
  • Other tuners
  • Pagani
  • Pagani
  • Peugeot
  • Porsche
  • Press Releases
  • Prindiville
  • Renault
  • Renderings
  • Rolls Royce
  • RUF
  • Russian
  • Skoda
  • Spanish
  • SpeedART
  • Sportec
  • Spy photos
  • Spyker
  • SSC
  • Subaru
  • Suzuki
  • Suzuki
  • Suzusho
  • Switzer Performance
  • Tata
  • TECHART
  • Tesla
  • Top 10
  • Toyota
  • Triumph
  • Tuners
  • TVR
  • Uber
  • UK
  • USA
  • Verde Design
  • Veritas
  • Videos
  • Vivid Racing
  • Volkswagen
  • Volvo
  • Vorsteiner
  • Wald International
  • Wallpapers
  • Zenvo
  • Zeus Twelve

© 2017 SpeedLux.com - All Rights Reserved

TOP