Michigan auto insurance refunds are on their way to eligible policyholders. You can anticipate a refund this year if you meet the requirements. Of course, there are some layers to it.
The refund is made possible by a transfer of surplus funds from the Michigan Catastrophic Claims Association (MCCA) to Michigan auto insurance companies.
Here are key facts about the refund:
Michigan Auto Insurance Refund Amount
The Michigan auto insurance refund amount is $400 per eligible car or motorcycle. But you may also be eligible for a refund if you own one of three alternate vehicles:
- Historical vehicles
A $400 refund per vehicle may result in Michigan households receiving $800 or more in reimbursement. However, it is important to note that owners of insured historical vehicles receive $80 per vehicle due to the limited allowable use. Trailers are not eligible for an insurance refund.
Autumn Insurance and Benefits staff can help you determine if a specific type of vehicle qualifies for a refund. Questions are always welcomed as we want to ensure everyone eligible receives the correct refund amount.
Who Is Eligible for The Refund?
Anyone with vehicles insured by 11:59 pm on October 31, 2021, qualifies for a refund. Vehicles considered for the refund must meet the minimum insurance coverage required for operating a vehicle on Michigan roads.
For instance, because the minimum insurance required to operate on Michigan roads is a factor, vehicles with comprehensive insurance only do not qualify for a refund.
The Refund Process
There is no action needed by Michigan auto insurance policyholders who meet eligibility requirements. Insurers will issue refunds in direct deposits or checks to policyholders.
Insurers must issue refunds within 60 days of receiving funds from the MCCA. You should get it by May 9, but if it doesn’t arrive on time, contact our office immediately.
The Michigan Auto Insurance Refund: A Good Time to Review Your Current Policy
Now is an excellent time to review your current auto insurance policy. Changes to your household, vehicles, drivers, and more can affect the type of policy you need to protect your best interests.
You’re just going to add to your stress if you discover that your policy is outdated or inadequate following a crash. That’s why having a strong auto insurance policy is critical as you travel throughout Michigan.
Michigan policyholders can use this time to review their current policy. Insurance representatives are happy to help their clients find the best policy for their protection needs.
A Reminder From Michigan DIFS
We recently received an email from the Michigan Department of Insurance and Financial Services. It’s an important reminder for all Michiganders. In the email, DIFS Director, Anita Fox explains that if you or anyone in your household does not have PIP medical coverage and there’s been a change in your health insurance, you may have no medical coverage in the event of an auto accident unless you take immediate action.
To prevent this situation and potentially avert related lawsuits, DIFS is asking for your assistance in encouraging your customers to A.C.T.:
A – Ask your auto insurance company or agent about your PIP medical coverage choice.
C – Contact your health insurer to get the details on your policy.
T –Tell your auto insurance company immediately if you lose your Qualified Health Coverage.
The DIFS is even providing an FAQ for you to help you stay up-to-date.
Questions? Autumn Insurance and Benefits Can Help
At Autumn Insurance and Benefits, we understand that many vehicle owners find policies confusing. Our friendly staff always takes the time to explain policies in a way that makes the details easier to comprehend.
Contact us if you have questions regarding the Michigan auto insurance refund or how Autumn Insurance and Benefits can help you.
Get the Autumn Advantage
Autumn Insurance and Benefits listens, cares, and researches the most cost and benefit-effective policy for you. Learn more about additional insurance options for your home or business by reaching out to our professional, friendly staff today.
Helping you feel right to us. From your car, motorcycle, house, or office, we are here to help you find the right coverage for your insurance needs. But you don’t have to wait until disaster strikes to find your policy is inadequate. Or to discover that it’s time for growth or life changes.
Try using the Michigan insurance refund process to reevaluate your insurance needs with help from Autumn Insurance and Benefits. Contact us now for a review of your insurance needs.