Michigan drivers can now buy less no-fault medical coverage with their auto insurance policy. For those who want to make this change and save money, it’s important to understand the major secret to getting the lowest rates on Michigan’s no-fault auto insurance while still making sure you have enough coverage to protect you if you’re involved in an auto accident.
Contact Your Insurance Agent Now
As of July 2, you can change your existing auto insurance policy, but you must contact your insurance agent to alter the policy. You won’t see any automatic shifts in your coverage or what you owe. Now is the time to be proactive to see the biggest benefits.
The insurance companies have no incentive to contact policyholders and remind them that changes have arrived. Insurance companies will make more money if you stick with your current higher rates.
Insurance Companies Must Comply
Insurance companies must comply with this new statewide system and give their customers a mandatory eight years of guaranteed savings of between 10% and 100% off the personal injury protection (PIP) portion of their policies.
Insurance Companies Cannot Discriminate
Insurance companies are forbidden from considering or using non-driving factors when setting policy rates, like the driver’s job, education, or home ownership.
You Are in Charge
According to Michigan law, motorists are permitted to change their no-fault auto insurance policies at any time, and that includes switching to a different insurer should you so choose.
For the first time ever, Michigan drivers have a choice in how much medical coverage they buy with their auto insurance at a price that is comfortable for them. You are no longer required to buy potentially unlimited lifetime personal injury protection coverage.
Be Smart About Your Choices
While it can feel good to tell the insurance company to cut your coverage completely and choose the zero-dollar coverage, relying on your own health insurance to cover any potential auto accident injuries comes with its own risks. You will forgo the unique medical benefits of PIP, which covers things that even the best health insurance plans do not, like long-term injury rehab and extensive in-home attendant care.
Coverage Now More Accessible for the Formerly Uninsured
Many Michigan motorists do not maintain their auto insurance policies because of the associated costs. They are willing to risk an auto accident. The new laws, however, make the unlimited lifetime benefits for auto possible for families that previously could not afford such a benefit. No more going without insurance, no more trying to make ends meet to comply with the law.
Act Before Your Existing Policy Expires
If you don’t act, your savings will be zero – at least to start. You could potentially see only minimal savings or even face higher insurance rates when your existing policy expires and automatically renews under the new system’s default coverage options. Options which, by the way, are higher than the required minimums.
Protect Yourself in Case of a Car Accident
If you want the cheapest no-fault auto insurance rates, educate yourself. And don’t be afraid to shop around. The auto insurance company you’re currently aligned with may not have the best deal for your needs – and the cost savings won’t automatically appear on your bill.
Above all, you want to make sure you maintain a policy that will take care of you in case of a car crash. If you have been involved in an auto accident and are seeking justice from an insurance company, contact the Michigan personal injury attorneys at Thurswell Law to get compensation. Schedule a consultation by calling (248) 354-2222 today. We do not charge any fees until we win.
