What’s Driving Increased Auto Insurance Rates?

by SCarney on ‎01-04-2016 12:33 PM - last edited on ‎01-12-2016 09:01 AM by Lithium Technologies (1,971 Views)

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Premiums are on the rise in Michigan. Find out why.

 

Auto insurance premiums are on the rise in Michigan, but not because of comprehensive and collision coverages—the average cost of these coverages is actually on the decline. Rather, No-Fault’s mandatory coverages are the culprit—driven principally by medical costs from Personal Injury Protection insurance that have been and are continuing to escalate at a rapid pace. In fact, these mandatory coverages now make up more than half of the average premium cost in Michigan. 

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In Michigan, the average annual auto premium has increased between 2008 and 2012.

 

Learn more about auto insurance in Michigan and how you can manage your costs on AAA’s Understanding Auto Insurance page (MI only).

 

A version of this story appears in the January/February issue of AAA Living magazine.

 

Image credit/source: Jim West/Alamy, NAIC 2012 Auto Insurance Database Report

 

 

 

 

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