Warren resident Madison Poteat says she went from paying $745 a month for two vehicles to $285 a month, without even switching insurance companies.Īnother Warren resident, Holly McCleary, says she went from $965 a month for three cars to $653 a month after removing PIP coverage. Many had already seen an impact when WDET checked in back in September. PIP medical coverage accounts for nearly half of the costs of an auto insurance bill, so the ability to stop paying for it means huge potential savings for Michigan drivers. While this Personal Injury Protection (PIP) as it’s called is still the default coverage, residents with adequate health insurance can now stop paying for medical coverage on their car insurance bill if they take steps to opt out. The most significant change allowed for Michiganders to opt out of paying for unlimited lifetime medical benefits on their car insurance bill – a requirement that was unique to Michigan. In July, landmark auto reforms went into effect in Michigan as a result of a state law passed in 2019. Why Did Michigan’s Rates Go Down So Much? But in Michigan, rates decreased far beyond that by a whopping 18%. Insurance rates declined 4% across the country last year, mostly due to less driving during the pandemic. That’s according to a national study from an online insurance comparison website, .Īccording to the study, Michigan’s rates went from an average of $3,106 in 2019 to an average of $2,535 in 2020. Isn’t uncovering a huge savings opportunity worth 5 minutes of your time? So what’s the hold up? Make today the day that you finally find a better rate and put money back in your wallet.Michigan’s auto insurance rates went down 18% in 2020 compared to what they were the previous year. That’s why it is imperative that you shop around. Because of ever changing rates the company with the best price today could have the highest rate a year from now. I would personally recommend comparing rates once a year. There is no better time than the present to compare rates. You can now compare Michigan auto insurance quotes in a matter of minutes. Myth 3: I don’t have time to compare insurance rates It is worth taking 5 minutes of your time to see how your current MI Auto Insurance rate compares. This formula varies from one company to the next which explains the big differences in price. Insurance is a guessing game and each company has their own unique formula that they use to assess risk and calculate rates. If you haven’t shopped around and compared MI Auto Insurance rates recently you are probably paying too much. Myth 2: I’m already getting the best rate In only a few minutes you will have multiple insurance rates to choose from. Once you have completed this step you can just sit back and let computer technology do all the work. It’s now as easy as completing an online quote request. You can now compare multiple auto insurance quotes online in just a few minutes. Now thanks to technology things have changed drastically. I will concede that comparing rates from multiple companies used to be a hassle in the past, but things have changed. Myth 1: Shopping for car insurance quotes is a hassle Shopping around can literally save you hundreds, if not thousands of dollars per year. Auto insurance rates are changing all the time and assuming that you are currently paying the lowest rate possible is a costly mistake. Most consumers wait until they have a bad experience with an insurance company before they start shopping around. If you are like most people the answer to this question will be a resounding yes! Nobody likes to overpay for any product or service and yet many people neglect to take a few minutes each year to compare Michigan car insurance rates. Are you paying more than you should for auto insurance?
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