Navigating Auto Insurance Reform Part 1
saginaw bay underwriters life insurance
Business Uses of Life Insurance
May 27, 2020
saginaw bay underwriters AUTO INSURANCE
Navigating Auto Insurance Reform Part 2: Understanding Personal Injury Protection (PIP)
July 23, 2020

Navigating Auto Insurance Reform Part 1

Show all
saginaw bay underwriters AUTO INSURANCE

Michigan auto insurance looks very different now than it did before July 2, 2020. Auto insurance reform or “no-fault reform” impacts every driver in the state, including you. However, the topic can also be very confusing.

Saginaw Bay Underwriters created this helpful series of posts entitled “Navigating Auto Insurance Reform” to make what you need to know clear, so you can make informed insurance decisions for you and your family.

In Part 1, we’ll present a high-level introduction to the entire series, so you’ll know what to expect.

The Two Insurance Buckets

Our advisors have discovered that it’s helpful to think of the two major components of an auto insurance policy as two different insurance “buckets.” Each bucket comes into play and protects you differently when you need it.

In Part 2, we’ll explain how the reform impacts the first of these two buckets, Personal Injury Protection (PIP), and explain some considerations regarding PIP:

  • You may want to consider maintaining unlimited PIP coverage.
  • You may want to consider reviewing who is and who is not covered by your policy.

Part 3 will look at the other bucket, Bodily Injury (BI) liability, and some considerations:

  • You may want to consider maintaining higher liability limits and uninsured/underinsured limits.
  • You may want to consider a personal umbrella policy.

In Parts 4 and 5 we will use scenarios to look at PIP and BI even more closely, including information on:

  • Your new PIP limit options.
  • How PIP is more robust than health insurance, Medicaid and Medicare.
  • The new PIP “order of priority” and how it could affect you.
  • The new BI limit requirements.
  • Why you now have a much greater risk of being sued if at-fault in an accident.
  • How a medical fee schedule, or lack of one, impacts your risk.

Other Things You Need to Know

In Part 6, we’ll explain how the reform has affected Michigan auto insurance outside of the two buckets, including:

  • Information on Michigan Catastrophic Claims Association (MCCA) fees.
  • Changes for motorcycle owners.
  • Other topics that may impact you.

Part 7 will provide key takeaways and conclude the series.

Making the Complex Simple

Michigan auto insurance reform is a very important topic, but it can also be confusing.

In future “Navigating Auto Insurance Reform” posts, we’ll provide even more in-depth information on the topic, so you can make informed insurance decisions for you and your family.

For more information now, see “Michigan Auto Insurance Reform FAQ.”

Please subscribe to our blog to be notified of future posts. Call Saginaw Bay Underwriters at (989) 752-8600 if you’d like to speak with an advisor about your auto insurance.

Saginaw Bay Underwriters has made every attempt to ensure this information has been obtained from reliable sources. For specific language, please refer to your insurance policy, in addition to state statutes, laws and regulations. Current as of: July 2020.

Leave a Reply

Your email address will not be published. Required fields are marked *

WordPress Lightbox Plugin