Wednesday, 7 February 2007
Auto Insurance Rates Fall In Michigan
The Insurance Institute of Michigan found that auto insurance rates of the 10 leading carriers went down by an average of 2% in 2006. And rates are expected to fall even more in 2007.
“The competitive market, along with safer cars and increased fraud-fighting efforts, resulted in lower costs for Michigan drivers,” said Pete Kuhnmuench, the executive director of the Insurance Institute of Michigan.
“The overall rate decreases demonstrate that insurance companies are keeping costs as low as possible even though Michigan policyholders have the Cadillac of auto insurance policies,” he also said.
Michigan is one of 12 states with no-fault auto insurance laws. Under no-fault laws, people involved in accidents don’t have to prove the other driver was at fault. Each driver’s insurance company pays damages. And Michigan is the only state where drivers get unlimited and lifetime medical benefits if they’re injured in an automobile accident.
Now that the market is more competitive, Michigan motorists have a better shot at finding affordable rates when they compare policies from different carriers.
“Michigan consumers have a wide array of options when buying an auto insurance policy and should shop around,” advised Kuhnmuench.
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