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No Fault Reform: Lower Premiums

No Fault Reform: Lower Premiums – Updated 7/15/2020 4:45PM

Where is my lower premium? It is a common question after the changes were mandated in the New Michigan Insurance Law. It’s true, No Fault Reform can possibly lower your insurance premiums. Although you may be hearing about the required reductions of 10% to 40% keep in mind that the cost savings is a state wide average and will only be on the PIP portion of your policy, not your total insurance premium. If you retain unlimited PIP you will see an approximate premium reduction of 10%, so if your PIP portion of your policy is $300 you will save $30 per policy period.

You can also save additional money by choosing one of the new PIP options which is now allowed through No Fault Reform. However, this is by choosing a lesser coverage limit. So, with PIP choice comes potentially lower premiums but remember you are also lowering your coverage. Careful consideration should be given when making this choice. Only you can decide if the savings are worth making the change. 

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There are other factors that have changed that may lower or increase your premiums depending on your particular circumstances. With other non-driving factors being removed and the necessity to have all people living in your household identified, listed, or excluded from your policy you could possibly see an increase or decrease to your insurance policy premiums. Maybe it is time to review what your options are?

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