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Governor Whitmer Declares Auto Insurance Low cost Particulars – keweenawreport.com

Over $ 3 billion is being returned to Michigan drivers thanks to a surplus in the Michigan Disaster Fund. Governor Gretchen Whitmer announced in a press release early Tuesday morning that the refund would be in the form of a check for $ 400 for each vehicle registered. If you are already planning on what to spend it on, you might want to pump the breaks. Repayment is not expected before the second quarter of 2022.

The Michigan Catastrophic Claims Association is regulated by the Department of Insurance and Financial Services. DIFS Director Anita Fox says, "In the coming months, DIFS will work to ensure that refund checks are issued to Michigan consumers as soon as possible." The MCCA unanimously approved the payout last month.

The surplus is over $ 5 billion thanks to the insurance reform passed in 2019. The governor's office says the rebate will not affect the fund's ability to service car accident survivors across the state. The refund is available to anyone who had at least one registered vehicle on Halloween night at 11:59 a.m.

“In a move that will put money back in the pockets of Michigan drivers, Governor Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) announced today that the Michigan Catastrophic Claims Association (MCCA) has approved the governor's appeal Fulfilled on return is Michigan policyholder surpluses and will commence immediate refunds of $ 400 per vehicle to Michigan drivers. Drivers are expected to receive checks in the second quarter of 2022.

"These refunds, along with the recently announced statewide average fare cuts, are lowering the cost of every driver in Michigan," said Governor Whitmer. “Michiganders have contributed to the Disaster Relief Fund for decades, and I am delighted that the MCCA developed this plan so quickly after unanimously approving my request to return surplus funds to the pockets of Michigandans. We work together to put Michigan drivers first, and I lead DIFS to ensure the MCCA and Michigan auto insurance companies issue these refunds correctly, fairly, and promptly. "

"The governor and I requested these refunds because we recognize that this excess money belongs to the Michigan drivers and that we need to put it back in their pockets," said Lt. Governor Gilchrist. “These refunds are a huge win for all drivers – especially Detroiters – who have paid the highest insurance rates in the country for decades. There is still much work to be done and Governor Whitmer and I will continue to act in the best interests of Michigan drivers. ”

“DIFS stood with Governor Whitmer to urge the MCCA to return excess funds to Michigander with auto insurance, and we applaud the MCCA for taking the next steps necessary to provide the greatest possible reimbursement to drivers while maintaining the viability of the To receive funds, ”said DIFS Director Anita Fox. "In the months ahead, DIFS will work to ensure that refund checks are issued to Michigan consumers as soon as possible."

In November, Governor Whitmer called on the MCCA to issue reimbursement checks to consumers on their projected $ 5 billion surplus, which the MCCA then voted unanimously to issue. The surplus and refunds are possible in part because of the historic bipartisan auto insurance reform that went into effect by the governor in 2019.

The MCCA's analysis found that approximately $ 3 billion of the surplus could be returned to policyholders while ensuring continuity of care for car accident survivors. The refund plan presented to DIFS on Monday by the MCCA will give money back to any Michigander with a car insurance policy in effect as of 11:59 p.m. on October 31, 2021. Eligible Consumers do not need to take any action to receive a refund. The MCCA will remit excess funds to insurance companies operating in Michigan by March 9, 2022, and insurers will be responsible for issuing checks to eligible policyholders. The DIFS instructs insurers to issue reimbursement checks to consumers as soon as possible, but no later than 60 days after the money has been transferred. This deadline and additional guidelines for insurers will be detailed in a bulletin to be issued by the DIFS in the near future.

For more information on the Auto Insurance Reform Act, including the amnesty period for uninsured drivers that expires before January 1, 2022, visit Michigan.gov/AutoInsurance. Frequently asked questions, tips on purchasing insurance, and an insurance finder to help you find approved agents. "

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