Michigan auto insurance rates are in line with the national average; for 2011 annual rates are $1480 which is $40 more than average annual rates nationwide.
Annual Changes
Michigan auto insurance rates have decreased 22% between 2011 and 2010. This follows a decrease of 15% for 2010 as compared to 2009. Car insurance rates for Michigan are set by each individual insurer and are not regulated by the state or the industry. As it is not possible to determine future trends in auto insurance rates for Michigan, checking this site frequently to obtain quotes and monitor insurance prices is the best way for Michigan drivers to get the lowest rates.
Seasonal Changes
Starting from a high of $2,011 at the beginning of 2010, average Michigan annual premiums remained stable until the fall, when a sharp drop occurred which reduced the average to $1,370. The rate then stayed steady for the rest of 2010, showing an increase of over $100 at the beginning of 2011. Auto insurance rates in Michigan are clearly subject to rapid change. Therefore, drivers are advised to monitor prices as well as to shop around by requesting multiple quotes.
Insurance Requirements
Michigan is a no-fault state where insurance regulations require property damage insurance and personal injury protection coverage as well as bodily injury liability cover. The minimum amount of bodily injury coverage is set at $20,000 per person and $40,000 per accident, with a mandatory minimum of $10,000 for property damage liability. No-fault property coverage is mandatory, with a limit of one million dollars, and there is also mandatory work loss and medical personal injury protection insurance in Michigan and it pays all medical expenses related to a covered accident. Uninsured and underinsured motorist coverage is available in Michigan as well. While the no-fault system is quite efficient and provides respectable coverage, motorists are advised to consider higher limits in order to protect their assets in the event of a serious accident.
Advice for Getting the Best Deals
In Michigan, both regional and national firms offer auto insurance coverage. It is not possible to determine which firm offers the best rates as criteria for setting rates for different situations differ from insurer to insurer. Obtaining multiple quotes from reliable insurance companies that are rated A or higher by A. M. Best is highly recommended. In addition, it is advised to consult the J. D. Power consumer satisfaction ratings for each company.
Drivers in Michigan are advised to consult this site frequently for information on rates as well as to obtain multiple quotes from top car insurance companies.
