Michigan Takes on PIP - Auto Insurance Changes for 2020

Kentucky: "You won't believe the legislation we're passing this se-"
Michigan: "Hold my beer."

Few auto insurance coverages generate as much passion and conversation as Michigan Personal Injury Protection (PIP).

In this episode of The Nerdery, we cover the changes set to launch next year.

[bicyclist]

People in other states find it baffling that Mich has "no fault" insurance. Its good to see things are changing. Thanks.

[enoughofmom]

You ask how to rate for coverage? Well the collaboration of their 501(c)(6), a Coalition & a trust, the insurance industry then assess/tax each registered vehicle that registers with the Michigan Secretary of State. So on the last day of June & December the Auto Insurance Corporation plugs an assessment/tax to the citizen who carries an auto policy for $220 in 2020 (divided by 2 for the two months). They charge the policy holder, this cedes the membership for the Board of Trade/Business Trade Association. So basically your local insurance agent is aka a tax collector. Image 9 million vehicles registered in Michigan in 2020 x $220 for a fundraising event for the insurance companies to remain solvent. Check out MICHIGAN CATASTROPHIC CLAIMS audit over the past 3 years. It first pass the audit for GAAP. They are using a special IFSB accounting globally. There is more.

[mymusicaccount]

I don't know why they didn't just blow up the whole system and start over from a blank page.
Pick a state that borders michigan, say Ohio. Copy and paste the Ohio insurance system, rename it michigan, then do a search & replace and change all the Ohio's to Michigan's and Boom, everything is better.
BTW, i just got my new payment schedule from Progressive, i was paying 450 per month, then without PIP it went down to 250 per F

[ThinkInsurance]

Hi insurancenerds/Amber. Great video, I enjoyed it. I wonder if you would be interested in connecting and possibly collaborate in the future. You can see why close to 40% of Detroit in un-insured. Even the average cost for insurance outside of Detroit in MI is around $2, 700-ish --- One important thing to talk to your agent or company about the way PIP has changed already. You now have to be a primary policy holder or blood relative in the house on your policy for most insurance companies to cover the PIP or it will default to the state of MI <-- The agency I work with stumbled across this the hard way :O(