Downriver Area Auto Insurance Provider Discusses No-Fault Law: Who Pays Bigger Expense?
Frost & Remer, a Downriver auto insurance provider, shares the benefits of Michigan’s No Fault Law.
The state’s No-Fault rule was signed on 1972 by Governor William Milliken in order to reform Michigan’s auto insurance system. It assures payment for all reasonable charges with correlation to accidents and rehabilitation.
This law puts Michigan within the top ranks of the US states offering costly auto insurance. Back in 2013, an independent insurance consumer website Insure.com ranked Michigan as the 2nd in nation, offering premium auto insurance rates at $2,520. The only state that ranked much higher than Michigan is Louisiana at $2,699. The national average cost for the annual auto insurance is only $907. The No-Fault requirement for Michigan can be blamed for the higher premiums offered by local auto insurance companies.
It is not surprising that the cost alone is enough to frighten local auto insurance buyers. “However, it’s the cost that stops anyone from being careless,” shares Frost & Remer (http://insurancebyfrost.com). “Auto accidents are put to a minimum due to the potential expenses the driver may face once he collides with a property or another car.”
Every year, policyholders pay $186 to cover catastrophic injury claims. But these funds go to the Michigan Catastrophic Claims Association who systematically reimburse insurers for benefits when they exceed the $530,000 mark. The association disclosed that it was able to pay $10.9 billion in catastrophic claims from 1978 to 2013. Presently, it lists more than 14,000 active claims.
“The cost of auto insurance and the No-Fault rule is nothing to be worried about. Everything you pay will benefit you in due time,” shares Frost & Remer. More of its benefits are listed in the YouTube video, https://www.youtube.com/watch?v=NnDXlgbkaFg.
Annual payouts have skyrocketed from $100 M in 1991 to more than $900 M in 2012.
About Frost, Remer, and Mercure Financial Services, Inc.: Established In 1989 as an independent insurance agency serving the states Michigan, Ohio, Colorado, Georgia, Illinois, Minnesota, New York, Pennsylvania and Wisconsin with their primary focus on Southeast Michigan and Northern Ohio.
Their mission is to provide reliable insurance advice, quality service and honest claims advocacy at affordable pricing for individual, business and farm owners insurance needs by placing their clients’ insurance policies with insurance company partners that are well respected within the industry and are financially sound.
For more information about how they can help provide the right financial protection for you, visit http://www.InsuranceByFrost.com.
Frost and Remer Insurance
Jeff Frost, AAI
Tel: (734) 794-3072
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