Michigan auto insurance changes July 1, 2020 — here’s what to know
COUNTRY, AUTO INSURANCE REFORM IS ARRIVING HERE. NICK MONACELLI HAS MORE. >> Nick: I’M NOT GOING TO STAND HERE AND SAY THE CHANGES ARE SIMPLE. WHAT IS SIMPLE, IS A SIMPLE CALL TO YOUR INSURANCE AGENT. THEY CAN WALK YOU THROUGH IT, MAKE DECISIONS, AND NONE OF THIS GOES INTO EFFECT FOR POLICIES THAT CHANGE STARTING TOMORROW. CHOICE NUMBER ONE SURROUNDS PERSONAL INJURY PROTECTION, THE COVERAGE FOR ACCIDENT INJURIE, AND YOU’RE GOING TO WANT TO LOOK TO SEE IF YOU HAVE WHAT’S CALLED COORDINATED COVERAGE. YOU CAN OPT OUT OF PERSONAL INJURY PROTECTION BUT CHECK WITH
YOUR MEDICAL INSURER AND MAKE YOUR MEDICAL INSURER AND MAKE SURE YOUR COVERAGE IS GOOD AND THE DEDUCTIBLE IS $6,000 OR LESS. YOU CAN CHOOSE TO KEEP UNLIMITED COVERAGE OR REDUCE IT TO LESSER AMOUNTS.
IF YOU’RE ON MEDICAID. THE SECOND CHASE SURROUNDS LIABILITY COVERAGE. THE OLD LAW REQUIRED $20,000 PER PERSON AND $40,000 FOR ALL PERSONS DISCOVERED. STARTING JULY 2nd, $50,000 PER PERSON AND $100,000 FOR ALL INSURED IN A SINGLE ACCIDENT. >> IF YOU DO NOT MAKE A CHOICE, YOU’LL GET A DEFAULT LEVEL HIGHER THAN THAT OF $250,000 PER PERSON, $500,000 FOR EVERYONE INJURED IN THE ACCIDENT AND YOU’LL PAY A HIGHER PREMIUM UNLESS YOU CHANGE IT. >> Nick: NONE OF THIS IS SIMPLE, EASY, OR QUICK. >> IT’S TAKEN ABOUT 45 MINUTES TO AN HOUR TO EDUCATE A CONSUMER AND LET THEM KNOW WHAT THEIR OPTIONS ARE AND MAKE AN EDUCATED CHOICE. >> Nick: IF YOU LEARN NOTHING FROM ANY OF THAT, THAT’S OKAY. AGAIN, JUST CALL YOUR INSURANCE AGENT.
