June 30, 2022

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$906 million in Michigan auto insurance coverage refund exams already dispensed

On the subject of a 3rd of the $3 billion in Michigan auto insurance coverage refund exams had been dispensed to eligible citizens as of April 14, the governor stated. 

Some $906 million have made its manner into the financial institution accounts of vehicle and truck house owners who had their automobiles insured via Oct. 31, 2021. 

As is coverage underneath the state’s auto insurance coverage reform law handed in 2019, citizens in Michigan will have to obtain $400 for each car they’d insured via that date. Automobile insurance coverage corporations may have till Would possibly 9 to ship the remainder $2.1 billion.

“Because of our bipartisan auto insurance coverage reform, Michigan drivers are receiving $400 refund exams in line with car. Already, greater than $906 million has been put again into the wallet of Michiganders and into our economic system, and every other $2.1 billion is at the manner,” stated Governor Gretchen Whitmer. “We can proceed operating in combination to position Michigan drivers first. Stay a watch out to your $400 refund!”  

The cash has to move thru a number of phases prior to it lands within the financial institution accounts of drivers.

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After the Michigan Catastrophic Claims Affiliation determined on how a lot of its $5 billion surplus was once to return out to drivers, the finances had to be despatched to related auto insurance coverage companies via March 9. 

From there, the insurance coverage corporations may have till Would possibly 9 to deposit the finances in motive force’s financial institution accounts – or ship a take a look at. 

RELATED: Drivers to obtain $400 refund exams in line with car

The Michigan Division of Insurance coverage and Monetary Products and services says that if somebody is eligible, however they don’t obtain their refund or the insurance coverage corporate tries sending them money back thru every other approach, the person will have to touch the corporate. 

“If you can’t succeed in a answer along with your insurance coverage corporate, name DIFS at 833-ASK-DIFS Monday thru Friday, from 8 a.m. to five p.m. for help, or talk over with Michigan.gov/MCCArefund for more info,” stated Director Anita Fox.  

Right here’s what else to find out about Michigan’s auto insurance coverage refund exams:

Who’s eligible for refunds?

Somebody who insured their car – whether or not it’s a automobile, truck, RV, or motorbike – via 11:59 p.m. Oct. 31, 2021, is eligible for money back. 

The amount of cash drivers will obtain is in line with car that’s lined underneath a plan. If a family has two automobiles underneath the similar insurance coverage plan, then the landlord would obtain $800.

Will drivers that didn’t make a selection limitless PIP nonetheless get money back?

Sure. In line with DIFS, all automobiles with a correct insurance coverage plan via Oct. 31, 2021, gets money back. 

Whilst reforms unfolded the choice for drivers to pay much less for decreased protection with regards to non-public damage coverage, settling on one of the vital to be had choices as opposed to ‘limitless’ won’t impact the refund quantity.

Are there refunds for insured ancient automobiles?

The MCCA simplest fees 20% in their conventional evaluate for ancient automobiles because of their restricted allowable use, DIFS says. So long as the car was once injured via the precise closing date, drivers gets money back of $80. 

DIFS additionally created a FAQ web site for drivers to peruse if they have got any questions.

Any drivers which are eligible to obtain money back however don’t get a take a look at via the Would possibly 9 closing date can touch their insurance coverage corporate with questions. They might also touch the insurance coverage division with considerations Monday thru Friday 8 a.m. to five p.m. at 833-ASK-DIFS (833-275-3437) or emailing [email protected]

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