Each Auto Insurance Company Will Be Required To Reduce Statewide Average Pip Medical Premiums For Eight Years

Top FAQs for Each Auto Insurance Company Will Be Required To Reduce Statewide Average Pip Medical Premiums For Eight Years

Choosing PIP Medical Coverage

Category: Michigan’s New Auto Insurance Law

Choosing PIP Medical Coverage

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Personal Injury Protection (PIP) Choice Michigan drivers will need to choose a coverage level appropriate for their needs and budget. The new law requires that auto insurance companies and agents give policyholders forms that describe the benefits and risks of the coverage options. Drivers may also want to talk with an auto insurance agent, insurance company, or financial advisor to discuss their personal auto insurance needs. Drivers may need information from their health insurer or employer identifying individuals covered under their health insurance and a statement that the health policy does not exclude or limit auto accident injuries and has an individual deductible of less than $6,000. Medicare and Medicaid participants may need proof of enrollment.

There are six PIP medical coverage levels available to Michigan drivers. Under these limits, this amount is the most a driver’s auto insurance company will pay per person per accident for an injured person’s expenses under PIP medical coverage.

Up to $250,000 in coverage with PIP medical exclusion(s) Exclusion is available for a named insured with non-Medicare health coverage that covers auto accident injuries and/or for household members if they have health insurance that will cover auto accident injuries.

Up to $50,000 in coverage Available if the named insured is enrolled in Medicaid and their household members have another auto insurance policy, Medicaid or other health insurance that will cover auto accident injuries.

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Lower Costs

Category: Each Insurance Company Will

Lower Costs

Governor Whitmer signed historic bipartisan auto no-fault legislation to lower costs for Michigan drivers, maintain the highest coverage options in the country, and strengthen consumer protections. The legislation creates a better no-fault system for drivers. These changes apply to policies issued or renewed after July 1, 2020. Drivers’ premiums will depend on the coverages they choose, and factors related to their personal situation, such as driving record and claims history. When shopping for auto insurance, drivers should remember to compare the premiums, limits, and deductibles among insurance companies to ensure that the quotes are comparable. Personal Injury Protection (PIP) Choice: For the first time, drivers will be able to choose a coverage level appropriate for their needs and budget. PIP medical coverage is coverage under an auto insurance policy issued in Michigan that pays allowable expenses for medical care, recovery, rehabilitation, and some funeral expenses if policyholders are in an auto accident. The new available limits equal or exceed the highest benefits in the country, and Michigan is the only state where unlimited PIP medical continues to be an option. Under certain circumstances, drivers may choose to opt out of PIP medical entirely or exclude specific household members. If drivers choose to opt out of PIP medical, the entire PIP medical portion of their premium will be eliminated but excluded members will have no PIP medical coverage under the policy.

Fee Schedule: The new law establishes a fee schedule between auto insurers and medical providers designed to control the costs that medical providers may charge auto insurers for their services. This is similar to cost control provisions used by other types of insurance, such as health insurance. This fee schedule will make PIP medical coverage premiums more affordable for policyholders, but will not affect the services to which existing and future accident victims are entitled.

Utilization Review: Medical care provided to auto accident victims must be reviewed by the auto insurer to make sure it is medically appropriate. Health care providers can appeal if they disagree with the auto insurer’s decision. Consumers may receive a notice that an appeal has been submitted by a health care provider, but no action is necessary. Additional information is available on the Utilization Review webpage.

Michigan Catastrophic Claims A-sociation (MCCA) A-sessment: The MCCA is an a-sociation of auto insurers that reimburses member companies for PIP medical costs exceeding an identified amount, currently $580,000. The MCCA has already announced that as a direct result of the new law, it is lowering its per vehicle a-sessment starting July 2, 2020, which will save Michigan drivers at least $120 per car. Drivers choosing less than unlimited PIP medical will not pay any a-sessment to the MCCA.

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Michigan auto insurance changes on July 1: How to lower your costs

Category: Insurance Companies

Michigan drivers should be able to cut their auto insurance costs starting this week -- but you may need to take action.

Basically, drivers will now have a choice when it comes to coverage level. In some cases, doing nothing will save you money. But for some, you may need to take action this week.

Companies can no longer use certain non-driving factors to set rates. Drivers’ premiums will depend on the coverages they choose, and factors related to their personal situation, such as driving record and claims history.

The current law requires you to have auto insurance that includes unlimited Personal Injury Protection (PIP) medical coverage to pay for your expenses if you are injured in an auto accident. The new auto insurance law allows you to choose a level of medical coverage when your policy is issued or renewed after July 1, 2020.

If you are already receiving payments from your auto insurance policy due to injuries from an auto accident, you will continue to receive the current unlimited benefit regardless of the choice you make for the future. This is also true if you are injured in an accident between now and July 1, 2020.

The new auto insurance law will allow you to choose a level of PIP medical coverage. Insurance companies are required to reduce the premium for this coverage so that there will be an average reduction per vehicle based on the level of coverage chosen.

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PIP Insurance | Personal Injury Protection) | Is It Required?

Category: PIP Insurance Car Insurance Auto Insurance

Is PIP Insurance or (Personal Injury Protection) a required part of car insurance coverage in your state? See state PIP coverage limits here.

PIP insurance will pay for medical expenses and work loss expenses for both yourself and your passengers if you’re injured in a car accident, even if the accident was your fault. In many states, Personal Injury Protection PIP coverage is mandatory. Personal injury protection can also provide payments for lost income, child care, and funeral expenses related to the accident.

Even if it isn’t mandatory in your state, you may want to consider PIP if you consistently drive with passengers who would sue you/hold you medically liable for injury, or if your health insurance policy is insufficient with regard to covering injury expenses in the event of an accident.

Generally, PIP insurance rates vary from state to state and also vary based on your personal situation – including the make and model of your car, your accident or citation history, and many other factors.

For car insurance companies, this can be a difficult prospect – not having coverage caps on injury protection can make for a very expensive payout upon personal injury in Michigan, and many carriers will not insure drivers in Michigan due to the expense and the risk. We work with auto carriers who ensure in every state, so if you’re in Michigan, make sure to let us know. We can find ways to help you save!

PIP insurance is designed to a-sist you in the event of an accident. It will cover your medical costs and lost wages, as well as other expenses such as funeral services or childcare due to injury from a covered auto accident when Med Pay typically does not.

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Are You Required to Have PIP Auto Insurance? | CarAccidentAttorneys.com

Category: PIP Auto Insurance

Car insurance is not only a legal requirement in most states but it ensures a person's financial protection in case of accidents. Car insurance has many components, some of which are mandatory while others are optional. One of these requirements is the Personal Injury Protection or PIP. PIP may or may be required in some states. PIP is not only about medical expenses; it offers a host of other protections to the insured.

PIP is not required in all states. A person who needs PIP auto insurance are those who live in "no-fault" states, such as Florida, Hawaii, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah. These states require PIP in insurance coverage. For those who are living outside these states, they may not need PIP if they have health insurance and disability insurance. However, for those who like the added benefits that come along with this coverage, they may opt to get this type of insurance.

PIP covers medical bills regardless of who is at fault. It can also cover for lost wages for the driver and passengers who become injured in a car accident. It may even cover for the cost of funeral. In no-fault states, a person's own insurer will use the PIP coverage to pay for his and his passengers expenses while the other party will also use his own PIP for his own medical expenses and that of his passengers. In states where PIP is not required, the coverage is very advantageous to the driver because it covers both expenses and lost income. A few hundred dollars addition to the premium means additional protections.

PIP and a medical coverage insurance work similarly in terms of providing for medical expenses. Medical coverage insurance pays for a person's medical bills up to a certain limit described in the policy. PIP also does this. PIP, however, offers so much more than the payment of medical bills as it will also replace services, pay for lost wages and funeral costs. Even pedestrians injured by a vehicle can benefit from the driver's PIP. Also, a medical coverage may not include the vehicle’s passengers.

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What Is Personal Injury Protection (PIP)? Do You Need It? – Forbes Advisor

Personal injury protection is often misunderstood. PIP insurance can pay for medical bills, lost wages and more after a car accident. See your state's rules and learn how PIP insurance plays a role in no-fault insurance laws.

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What is Personal Injury Protection (PIP) and Do You Need It? - ValuePenguin

Personal injury protection (PIP) car insurance covers your medical bills if you or a passenger is injured in a car accident. PIP insurance is important to have, even if it isn't mandated in your state. If it is required in your state, however, you're legally mandated to purchase a minimum amount.

Personal injury protection (PIP) insurance covers your medical bills and lost wages when you or your passengers are injured in a car accident. PIP is optional in most states. However, 16 states require you to carry a minimum amount of PIP coverage. PIP insurance may overlap with your health or MedPay insurance, but there are times when multiple policies are recommended.

Personal injury protection, also known as "no-fault insurance," pays the medical bills and rehabilitative costs for you and your passengers after you're injured in a car accident. PIP also extends to instances when you're a passenger in someone else's car, or if you're hit by a car while a pedestrian or cyclist.

PIP insurance is different than bodily injury liability insurance in that, while PIP coverage pays for your own expenses, liability insurance pays for the medical expenses of drivers and passengers in other cars when you are at fault for an accident.

PIP insurance may include some of the same coverage as your health insurance or Medical Payments policy. However, PIP coverage is specifically written for car-related injuries, which are sometimes excluded from health insurance policies, and PIP insurance covers a number of additional expenses not covered by MedPay insurance.

PIP insurance covers necessary medical procedures as well as reasonable expenses related to rehabilitation as you recover from an accident. The types of expenses covered vary by state, and may include:

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Michigan drivers to benefit from increased competition in auto insurance – InsuranceNewsNet

More than 50 auto insurance companies are choosing to do business in Michigan since changes to the state's auto no-fault insurance were passed by a bipartisan group of lawmakers and the governor signed them into law in 2019.. Now Michigan ranks no. 4 behind Florida, Louisiana and Delaware. "In addition to the largest refund in history with the $400 pervehicle...

This follows news of the latest rankings out of Insure. com finding Michigan's auto insurance rates continue to decline after being the highest in the nation for years. Last year, Michigan was ranked no. 2. Now Michigan ranks no. 4 behind Florida, Louisiana and Delaware. The decline in the cost of Michigan's auto insurance, as compared to other states, is attributed to the 2019 bi-partisan auto no fault reform.

"Since the implementation of the reasonable medical fee schedule as part of the 2019 bipartisan auto no-fault reforms, we've seen steady growth in the number of auto insurance companies wanting to conduct business in Michigan," said IAM Executive Director,

. "In addition to the largest refund in history with the $400 pervehicle checks, Michigan drivers can put more money back into their pockets by shopping around. This is another example of how bipartisan auto nofault reforms are working and should be allowed to continue to work."

Additional benefits to the 2019 bipartisan auto nofault reforms include: More than 202, 000 Michigan drivers without prior coverage have purchased auto insurance since reforms took effect on July 2, 2020, according to IAM member company data. Of those, 83, 238 were Michigan drivers who didn't have car insurance for three years or more.

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Michigan's New Auto Insurance Law

Category: Insurance Company

With sweeping changes to Michigan’s new auto insurance law set to begin on July 1, 2020, every Michigan motorist will be required to make critically important choices regarding how best to protect themselves and their families.

Under the new law, car crash victims no longer have guaranteed lifetime coverage for medical and rehabilitation expenses unless they specifically purchase that coverage. Moreover, all drivers will face increased liability in certain situations for the medical expenses they caused others to incur.

Every driver (and passenger) in Michigan now faces an elevated level of risk and liability. Michigan drivers now have to make potentially life-altering choices with possibly dramatic financial implications. With the stakes so high, Michigan motorists should make it a priority to educate themselves and understand their options.

The biggest change for Michigan motorists is that mandatory comprehensive lifetime no-fault personal injury protection (PIP) insurance coverage has been replaced by a tiered system that allows individuals to opt-out or purchase as little as $50,000 worth of PIP coverage for medical expenses under certain circumstances. Other options include $250,000, $500,000, and No-Limit.

This option is available to anyone purchasing No-Fault Insurance and is the closest to what we all had under the Old Law. This option covers all reasonable expenses incurred for the care, recovery, and rehabilitation of the injured person. Under this Option the new law mandates premium reductions to be “an average of 10% or greater per vehicle.” These premium reductions are not guaranteed for each policyholder. This reduction only applies to the PIP portion of your insurance premium. Other portions of your premium may actually increase. The insurance company is only required to reduce its statewide average premium charges, meaning you may not get it. Insurance companies can also apply for an exemption.

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Michigan car insurance changes on July 1: What you need to know

Category: Insurance Companies

Michigan drivers should be able to cut their auto insurance costs starting this week -- but you may need to take action.

Basically, drivers will now have a choice when it comes to coverage level. In some cases, doing nothing will save you money. But for some, you may need to take action this week.

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Automobile insurance guide

Automobile insurance protects you financially by paying the other driver’s car repair and medical bills if you cause an accident. Depending on the kind of coverage you have, it can also pay to repair or replace your car if it’s damaged or stolen.

Texas law requires drivers to show proof they can pay for the accidents they cause. Most drivers do this by buying auto liability insurance. Liability insurance pays to repair or replace the other driver’s car, or other damaged property, and pays other people’s medical expenses when you’re at fault in an accident.

Liability coverage pays to repair the other driver’s car if you caused the accident. It also pays the other driver’s and his or her passenger’s medical bills and some other expenses. Texas law requires you to have at least $30,000 of coverage for injuries per person, up to a total of $60,000 per accident, and $25,000 of coverage for property damage. This is called 30/60/25 coverage.

Think about buying more liability coverage. The minimum liability limits might be too low if you cause a multi-vehicle accident or the other driver’s car is totaled. If you don’t have enough liability coverage to pay for the damages and injuries you cause, you might have to pay the rest out of your own pocket. The other driver could sue you.

Personal injury protection (PIP) coverage is similar to medical payments coverage. It pays your and your passengers’ medical bills. But it also pays for things like lost wages and other nonmedical costs. All auto policies in Texas include PIP coverage. If you don’t want it, you must tell the company in writing.

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Michigan is the only state where unlimited PIP medical coverage continues to be an option. Premium Reduction • Each insurance company will be required to reduce statewide average …

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Car Insurance vs. Health Insurance | The Zebra

Category: Insurance Premiums

2 days ago · For example, if you have a $1,500 healthcare deductible, the first $1,500 would be considered your out-of-pocket expense. Your car and health insurance premiums are what you …

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How Much Personal Injury Protection Do You Need? | Progressive

If you live in a state that requires or offers PIP coverage, the right amount of coverage may depend on your health insurance situation.

While the majority of states don't offer or mandate personal injury protection, also referred to as "PIP," if you live in a no-fault insurance state, you're required to carry a minimum amount of PIP coverage. The minimum coverage amount varies by state, and, in some states, you can choose to purchase more than the minimum coverage for increased protection against medical expenses and lost wages if you or your passengers are injured in an auto accident, regardless of fault. Selecting the right amount of PIP coverage often depends on how you're covered by your health insurance plan.

There are currently 17 states that mandate PIP coverage, per the Insurance Information Institute. In a handful of other states, PIP coverage is available but not required. Our car insurance calculator will let you know if PIP coverage is required in your state.

If you have health insurance, personal injury protection may not be necessary. If you live in a state that requires PIP coverage, you might choose the minimum coverage amount if you're well covered under your health insurance plan. Consider your health insurance deductible amount as well. If you carry a low health insurance deductible, then you could opt for a higher deductible on your PIP coverage to reduce your auto policy's rate. Most states, however, don't have a deductible for PIP, which means PIP may be a favorable option if your health insurance plan has a high deductible.

If you don't have health insurance, PIP may be an affordable way to cover your medical expenses and rehab costs resulting from an auto accident. And if you don't have life insurance, PIP may pay for funeral costs and other expenses up to your policy's limits, if you're involved in a fatal auto accident.

Keep in mind, even if you have health insurance that covers your medical bills, health plans typically don't provide coverage for lost wages or help pay for services you can no longer perform, such as house cleaning or childcare. Personal injury protection may pay for those services, as well as offer benefits many standard health plans don't provide, up to your policy's limits.

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Each Auto Insurance Company Will Be Required To Reduce Statewide Average Pip Medical Premiums For Eight Years

Top FAQs for Each Auto Insurance Company Will Be Required To Reduce Statewide Average Pip Medical Premiums For Eight Years

Choosing PIP Medical Coverage

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