LANSING — Michigan’s auto insurance coverage firms are to challenge refund checks to Michigan motorists no later than Might 9, Gov. Gretchen Whitmer stated Monday.
The Michigan Catastrophic Claims Affiliation, a nonprofit company managed by the insurance coverage business, is issuing $400 refund checks for every Michigan passenger car and bike that was insured as of 11:59 p.m. on Oct. 31, 2021.
Whitmer, who known as for the refunds due to a $5 billion and rising surplus within the fund, stated Dec. 7 motorists would obtain the refunds within the first half of 2022. On Monday, Whitmer stated the Division of Insurance coverage and Monetary Companies has despatched a bulletin to auto insurance coverage firms setting a Might 9 deadline for the refunds.
Earlier than issuing the refunds, insurers should obtain the cash from the MCCA, which is planning to first liquify a few of the investments for the $27-billiion fund.
The state insurance coverage company has launched an internet site with solutions to often requested questions posed by customers concerning the refunds. It may be discovered at Michigan.gov/MCCArefund.
“The bulletin and web site lay out the timeline and necessities in order that insurers perceive that they need to course of the refunds as rapidly as doable, and Michiganders know when and the way they are going to get the excess cash they’re owed,” Whitmer stated in a information launch.
Extra: Michigan drivers to obtain auto insurance coverage refunds of $400 per car
Extra: Michigan motorists to obtain insurance coverage refunds, with when and the way a lot to be decided
Whitmer stated the refunds are a results of laws she signed in 2019 that was designed to decrease auto insurance coverage premiums by giving motorists choices aside from limitless catastrophic medical protection for auto accidents, decreasing medical payment schedules, and combatting fraud.
Although many motorists are having fun with decrease premiums, advocates for catastrophically injured accident victims say they’re now discovering themselves with out wanted medical care and the refunds will compound that downside by returning cash that might be used to assist them.
Shoppers with questions or considerations can contact the state insurance coverage company from 8 a.m. to five p.m. Monday via Friday at 833-ASK-DIFS (833-275-3437) or by emailing [email protected]
Grow to be a subscriber.
This text initially appeared on Detroit Free Press: Michigan automotive insurance coverage firms should challenge refunds by Might 9