Michigan Raising Auto Insurance Fee for Catastrophic Injuries to $170
The annual auto insurance fee Michigan drivers pay toward caring for people catastrophically injured in crashes is rising to $170, a $10 increase.
The Michigan Catastrophic Claims Association announced the new per-car assessment for the 12 months starts July 1. It increased by the same amount last year.
The Livonia-based group collects funds to reimburse insurers for personal injury protection claims exceeding $555,000 per claim. It paid $1.1 billion in 2016, mostly for brain and spinal cord injuries, multiple fractures, and back and neck injuries.
The association says about $140 of the total will cover anticipated new claims and $26 will address a $1.9 billion estimated deficit for existing claims. Another 40 cents goes toward administrative expenses.
Michigan is the only state requiring drivers to buy unlimited medical benefits.
- AIG Partners With Amwins, Blackstone to Launch Lloyd’s Syndicate Using Palantir
- UPS Ripped Off Seasonal Workers With Unfair Pay Practices, Lawsuit Alleges
- Viewpoint: Artificial Intelligence Is Rewriting the Rules for Commercial Lines
- ‘Door Knocker’ Roofers Were Everywhere. NC Farm Bureau Saw an Opportunity