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.
Previous this 12 months, on the request of Whitmer, the MCCA transferred $3 billion to the Michigan auto insurers answerable for issuing refunds to eligible drivers whilst conserving $2 billion of the excess to verify continuity of take care of coincidence survivors. Michigan’s auto insurers had been required to factor refunds to eligible Michigan policyholders of $400 consistent with car, or $80 consistent with historical car, by way of no later than Would possibly 9, 2022 for each and every car that used to be insured below a coverage that meets the minimal insurance coverage necessities for running a car on Michigan roads as of eleven:59 p.m. on October 31, 2021.
Consistent with information amassed by way of DIFS, greater than $3,041,000,000 has been issued by way of auto insurers.
“Sending out thousands and thousands of refunds used to be an enormous endeavor for Michigan’s auto insurers, and we acknowledge their efforts throughout this vital procedure. We had been in a position to place a vital sum of money again in Michiganders’ wallet – one thing we must all have fun, ” stated DIFS Director Fox. “If you happen to haven’t won your take a look at, touch the insurance coverage corporate that insured your car on October 31, 2021 to ensure your banking, cope with knowledge, and the way your refund has been issued. If you wish to have additional help, you could document a criticism with DIFS in order that we would possibly examine at Michigan.gov/DIFScomplaints.”
To assist Michiganders perceive the MCCA refund procedure and what they must do in the event that they haven’t but won money back, DIFS has introduced a new video. Customers might also name DIFS at 833-ASK-DIFS (833-275-3437) Monday thru Friday, from 8 a.m. to five p.m. for help, or seek advice from Michigan.gov/MCCArefund for more info.