ACCESS Newswire
19 Jul 2019, 20:01 GMT+10
Insurance Panda Recently Posted an Article that Examines Why Michigan Car Insurance is So Expensive
LOS ANGELES, CA / ACCESSWIRE / July 19, 2019 / The founders of Insurance Panda, a car insurance quote comparison tool based in New York City, are pleased to announce that they have just posted an article to their website that looks at why Michigan car insurance is so expensive.
To read the article in its entirety, please visit https://www.insurancepanda.com/3786/why-is-car-insurance-so-expensive-in-michigan/.
As the article noted, Michigan is consistently ranked as the most expensive state for car insurance. Drivers there pay almost $2,400 a year for their auto insurance; the next most expensive state is Louisiana, where people pay about $1,920 a year. To put this in further perspective, the article notes, the national average for car insurance is around $1,300-this means that drivers in Michigan pay about $1,100 more per year, on average, than people in other parts of the country.
As for why car insurance is so expensive in Michigan, the article noted the number one reason is the state's no-fault car insurance system.
"Michigan, like Florida and other states, has a no-fault system that allows drivers to recover financial losses from their own insurance company regardless of fault," the article noted, adding that this means a driver's insurance company will pay for his or her medical expenses even when the driver is not at-fault for the collision.
Interestingly, the article points out, no-fault car insurance was originally introduced to lower insurance costs and reduce the chance of insurance fraud. But as is the case in Michigan and other states with no-fault systems, car insurance has actually ended up being far more expensive.
Another reason Michigan car insurance is so pricey, the article notes, is that personal injury protection (PIP) coverage is a requirement. Vehicle owners are required to buy PIP insurance that will cover the medical expenses of the person whose name is on the policy, as well as any household residents if they are also injured in an auto accident.
"PIP insurance is related to Michigan's no-fault policies. Because Michigan is a no-fault state, drivers are required to cover their own medical bills regardless of fault, and that's why drivers are required to have PIP," the article noted.
About Insurance Panda:
Insurance Panda is an auto insurance quote comparison tool based out of New York City. Since its start in a small office on Madison Avenue, Insurance Panda has grown to one of the premier insurance brokers in the United States, helping over two million Americans save on their insurance rates. Please visit https://www.insurancepanda.com for a free car insurance quote today.
Contact:
Amber Caldwell
[email protected]
(949) 555-2861
SOURCE: Insurance Panda
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
(Photo credit: Wendell Cruz-Imagn Images) Cody Bellinger hit three homers for the first time in his career and drove in six runs,...
(Photo credit: Neville E. Guard-Imagn Images) Willy Adames drove in three runs with a triple and a home run, Dominic Smith added...
(Photo credit: David Butler II-Imagn Images) Ceddanne Rafaela hit a walk-off, two-run home run in the bottom of the ninth inning...
(Photo credit: David Butler II-Imagn Images) Boston Red Sox starting pitcher Hunter Dobbins exited Friday night's game against the...
(Photo credit: Brad Penner-Imagn Images) New York Yankees left-hander Carlos Rodon was named to the American League All-Star team...