LANSING, Mich. (WLNS) — A brand new legislation signed by Governor Gretchen Whitmer can be saving Michiganders between 25 and 62% on the Private Damage Safety (PIP) medical portion of their automotive insurance coverage coverage.
Decrease premiums will save drivers extra on high of the anticipated refund that can be distributed after the Michigan Catastrophic Claims Affiliation (MCCA) voted unanimously to ship refund checks to each Michiganders with auto insurance coverage.
Michigan drivers known as for reduction from excessive auto insurance coverage charges for many years, and I’m happy that this bipartisan laws has resulted in financial savings, elevated shopper protections, and extra shopper selections than ever earlier than. Drivers are ready to decide on the protection degree that greatest meets their households’ wants and funds, and even those that’d wish to preserve limitless protection, which gives the nation’s most beneficiant advantages, are nonetheless saving cash.”
Gov. Gretchen Whitmer
The brand new auto insurance coverage legislation has been in place for greater than a 12 months.
Information from fee filings accepted beneath the brand new legislation present that the common statewide (PIP) medical reductions exceeded the statutory necessities in 2020, and that these financial savings have additional elevated in 2021, even when charges are adjusted for the elevated obligatory Bodily Damage (BI) protection degree.
| PIP Restrict | Mandated PIP Medical Discount (in contrast to common statewide fee on Could 1, 2019) | 2020 Common Statewide Discount* (As of seven/2/2020) | 2021 Common Statewide Discount* (As of seven/2/2021) |
| Limitless | At the very least -10% | -15% | -25% |
| $500,000 | At the very least -20% | -31% | -39% |
| $250,000 | At the very least -35% | -42% | -48% |
| $50,000 | At the very least -45% | -53% | -62% |
Gov. Whitmer reminded drivers who let their auto insurance coverage lapse that point is operating low to make the most of buying insurance coverage penalty-free earlier than January 1, 2022.
