#low cost auto insurance
News on Michigan No Fault Insurance ; The Michigan Catastrophic Claims Association (MCCA) has announced that the per car assessment effective July 1, 2012 to June 30, 2013 will be $175 per insured vehicle. This represents a $30 (21%) increase over the current MCCA assessment.
The $175 assessment includes $141.93 to cover claims, $32.72 to address the estimated $2 billion deficit, and $.35 for administrative expenses. The current deficit is estimated at $310.78 per insured car.
The MCCA paid out $927 million (more than $133 per insured car) in 2011 for claim costs resulting from catastrophic injuries. Since 1979 there have been over 28,000 claims reported to the MCCA, which will cost an estimated $85 billion.
Additional information on the MCCA, including frequently asked questions, can be obtained form www.michigancatastrophic.com and from www.michigan.gov/ofir
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What You Should Know About Buying Michigan Auto Insurance
How is your premium determined by your Michigan Auto Insurance Company?
Two factors determine what you pay for Michigan auto insurance. The first factor is underwriting and the second factor is rating. Michigan Auto owners Insurance companies underwrite to assess the risk associated with an applicant, group the applicant with other similar risks and decide if the company will accept the application. Based on the results of the underwriting process, the rating assigns a price based on what the Michigan Car insurer believes it will cost to assume the financial responsibility for the applicants potential claim.
Several Factors Affect Your Risk Rating for Michigan Auto Insurance.
Your driving record, the area in which you live, your gender and age, marital status, prior insurance coverage, vehicle use and make and model of your vehicle all determine what your risk rating is for Michigan Car Insurance .
Ask if you are eligible for discounts for your Michigan Car Insurance Company.
Discounts for Michigan Automobile Insurance may be available because you are considered a lower risk, have multiple vehicles, driver education courses, are a student, your auto has safety devices, anti-theft devices, low mileage, you have a auto/home package. Some states do not allow discounts.
Tort System vs. No-Fault System
Each state must implement either a tort system or a no-fault system. The system your state has implemented will determine what kind of insurance is available to you. The three basic coverages sold under the tort system are bodily injury liability insurance, property damage liability insurance and uninsured motorists coverage. In a no-fault state, coverages will vary, but under a no-fault system your insurance company pays you directly for your losses as a result of injuries sustained in an accident, regardless of who is at fault. Check with your state insurance department for questions concerning tort or no-fault state systems. Michigan is a no-fault State.
Check Into Optional Coverage for Cheap Michigan Auto Insurance.
The most commonly recognized coverages, in addition to the basic liability package, are collision and comprehensive coverage. Collision coverage pays for physical damage to your car as a result of your auto colliding with an object such as a tree or another car. This is relatively expensive coverage and is not required by law. Cheap Michigan Car Insurance Comprehensive coverage pays for damage to your auto from almost all other causes, including fire, severe weather, vandalism, floods and theft. This coverage will also cover broken glass and windshield damage. Michigan Car Insurance comprehensive coverage is less expensive than collision, but is also optional. Other optional coverages include medical payments coverage, rental reimbursement coverage and towing and labor coverage.
Shop Around Before You Buy Affordable Michigan Auto Insurance
When shopping for Michigan auto insurance. premium quotations are a useful tool for comparison of different Michigan Auto Insurance companies products. When asking for price quotations, it is crucial that you provide the same information to each agent or company including description of your vehicle, its use, your drivers license number, the number of drivers in your household, the coverages and limits you want for your Michigan Auto Insurance .
Protect yourself when buying low cost Michigan Auto Insurance.
Before signing an application for any Michigan Auto insurance coverage, call you Michigan state insurance department and verify that the Michigan Auto Insurance Company and the agent are licensed to do business in your state. It is illegal for unlicensed insurers to sell insurance, and if you buy from an unlicensed insurer, you have no guarantee that the coverage you pay for will ever be honored.
Read Your Michigan Auto Insurance Policy Carefully
You should be aware that a Michigan auto insurance policy is a legal contract. It is written so your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase Michigan Auto Insurance. you will receive a policy. You should read that policy and make certain you understand its contents. If you have questions about your Michigan Auto insurance policy, contact your insurance agent for clarification. If you still have questions, call your Michigan state insurance department.
If you want to check the status or complaint ratio for any Michigan Auto Insurance Company. you can do so through the Michigan State Insurance Office at http://www.cis.state.mi.us/ins/ or the National Association of Insurance Commissioners (NAIC) at http://www.naic.org
To find the complaint ratio for Michigan Auto Insurance Companies on the NAIC website please see our Instruction sheet, Finding an Insurance Company Complaint Ratio .