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Forbes has a good article about the recent changes:
What To Expect From Michigan's New Auto Insurance Laws On July 1
What To Expect From Michigan's New Auto Insurance Laws On July 1
Michigan No-Fault, Recent Changes
- Thread starter adjusterjack
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Appreciate the article share!
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Solid article. However, considering Forbes readers tend to be higher income & higher net worth, I think several key changes were missed in the article based on my understanding of the historic changes(unless I overlooked them as I was speed reading without glasses)
I'm the past, you couldn't be sued for causing medical bills. Now, you can be sued for those meaning higher BI & Umbrella limits are crucial.
Im the past, unlimited PIP medical covered much, much more than the direct medical bills such as nursing home bills, attendant care & modifications to residence & many more. Today, if you select 0 PIP or even 50k or 250k, that may become an issue for those that require those other forms of care & costs.
Lastly, the old law use to provide unlimited PIP to all residents in a house, or all people riding in a car or on a bike or walking or on a bus when injured in a car involved accident. Even if no one you lived with, rode with or were hit by had auto insurance, your bills & injuries would be covered by the Assigned claims fund & the next carrier on rotation would have to cover your claim. Today, I believe only named insureds & resident relatives will be covered. So, it will be important for visitors, exchange students, boyfriend's, girlfriends & permitted drivers to properly obtain medical insurance or stand alone PIP to cover this risk
Rates will go up as nothing really addressed how hospitals & Drs can charge a ton more for auto injuries than WC, Medicare, Medicaid, health. The savings t
For some in PIP will be lost in the increases that will occur in BI & umbrella now that lawyers can she for medical bills. Missed in the article I think also was lawyers lobbied & got the minimum BI that can be quoted to be 250k which is 5-10x other states
