Friday, December 2nd, 2022

Over $906 million in auto insurance coverage refunds returned to Michigan drivers

“Due to our bipartisan auto insurance coverage reform, Michigan drivers are receiving $400 refund checks per car. Already, greater than $906 million has been put again into the pockets of Michiganders and into our financial system, and one other $2.1 billion is on the way in which,” stated Whitmer.

“Guaranteeing that each eligible Michigander receives their refund test or ACH deposit as shortly as attainable is a prime precedence for DIFS,” stated DIFS director Anita Fox. “In case you are eligible for a refund and do not obtain it on or earlier than Might 9, or in case your insurer gives your refund by one thing aside from a paper test or ACH deposit, contact your organization.”

Learn extra: Auto insurers to start issuing $400 refunds

The entire $3 billion refund comes from the Michigan Catastrophic Claims Affiliation (MCCA). Due to a bipartisan auto insurance coverage regulation which slashed auto insurance coverage funds for crash survivors’ post-acute care, the MCCA catastrophic fund noticed a $5 billion surplus as of June 2021. With $3 billion being transferred again to Michigan insurers, the remaining $2 billion shall be retained by the MCCA to make sure continued take care of accident survivors.

Learn extra: Auto insurance coverage refunds issued – drivers warned to be careful for scams

Late final month, Legal professional Basic Dana Nessel issued a warning to policyholders to be cautious of scams associated to the refunds. Nessel cautioned towards impersonation scams, whereby unhealthy actors could fake to be with an insurance coverage company or authorities company, and would try to contact unsuspecting customers underneath the guise of discussing their refund.

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