June 30, 2022

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Over $3B auto insurance coverage refunds issued

LANSING — Michigan Gov. Gretchen Whitmer and Michigan Division of Insurance coverage and Monetary Services and products (DIFS) Director Anita Fox reported the distribution of greater than $3 billion in $400 per-vehicle auto insurance coverage refunds to eligible Michiganders.   

“This 12 months, we put greater than $3 billion again in other people’s wallet with $400 auto refund tests consistent with car. We were given this executed because of bipartisan auto insurance coverage law I signed in 2019, which has already stored Michigan drivers over $1 billion on their premiums since taking impact,” Whitmer stated. “As we transfer previous the tip of the refund procedure, we can proceed to make use of each software in our toolbox to assist put a refund into the wallet of Michiganders.”  

Value controls, shopper protections, and different financial savings put into position by way of the state’s bipartisan auto insurance coverage reform regulation resulted in a $5 billion surplus within the Michigan Catastrophic Claims Affiliation (MCCA) catastrophic fund.