Michigan Car Insurance Companies | Highest Insurance Profits in History
I recently read an article about efforts to lower Michigan car insurance rates. Melvin Hollowell, the state’s insurance advocate, recently called on the Governor and Legislature to reform the rules governing Michigan’s car insurance companies. Michigan’s car insurance companies are charging some of the highest premiums in the nation and are making record profits at a time when high gas prices and economic anxiety have caused many people to drive less and to drive more slowly and cautiously when they do drive.
Among the Insurance Advocate’s proposals is an idea to offer stripped-down insurance policies to low-income drivers who cannot afford traditional No Fault car insurance. Although No Fault insurance is required by law, 20% of Michigan drivers (1 in 5) cannot afford a policy that meets the current statutory minimum level of coverage. Although 20% may seem high, even this number masks geographic and demographic differences. In some urban areas, as many as 55% of drivers do not have any insurance.
Until these proposals become law, the Michigan car accident attorneys at Buckfire & Buckfire recommend that you review your insurance policy to make sure you have uninsured and underinsured motorist coverage. Be sure to specifically request uninsured motorist and underinsured motorist coverage from your insurance agent. Simply asking for “full coverage” is not enough.
Both uninsured motorist coverage and underinsured motorist coverage are relatively inexpensive when compared to the rest of your insurance coverage. In addition, a large amount of coverage can be purchased for a small amount. Despite this, having this coverage can be extremely important. In one of the cases my firm handled, the injured driver would have been able to collect an additional $480,000 if he had only bought uninsured motorist coverage for less than $80 per year!
If you would like more information about your rights after a Michigan car accident, you can order our FREE book, "The Ultimate Michigan Car Accident Handbook" by clicking on the book link. We will send it out immediately along with other important information.
For more information about Michigan car accident cases, visit our Michigan personal injury, car accident, and malpractice law website. If you would like to speak with one of our Michigan car accident attorneys about your case, feel free to call us anytime at (800) 606-1717 or simply submit this contact form and we will get back to you quickly.
BUCKFIRE & BUCKFIRE, P.C. is a Michigan personal injury law firm and is not representing any of the parties mentioned in this article at the time of the posting of the article. The information contained in this article is from online news sources and any perceived misstatements should be attributed to those sources as we did not complete any investigation of the accident. If you believe that the information is inaccurate and would like it changed or would like this post completely removed from the site, please let us know and we will do our best to promptly accommodate your request. We are very sensitive to these requests.
If you were involved in this accident or a similar accident and have questions about your legal rights and options, it is important that you contact a reputable law firm. Please make sure that any Michigan law firm that you contact has significant experience in handling these types of accident and injury cases and has an excellent track record of successful settlements and jury verdicts. We also suggest that the attorney you contact provides you with a free initial consultation.
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