Michigan Gov. Rick Snyder (R) has announced he plans to seek legislation to end the state’s unique requirement that all auto insurance policies provide unlimited lifetime medical benefits.
Snyder endorses a plan that would limit mandatory benefits under the state’s no-fault personal injury protection system to $1 million. Even with this change Michigan would have by far the nation’s highest PIP benefit. New York has the second-highest mandatory benefit: $50,000.
"Michiganders have seen their auto insurance rates rise faster than any other state in the country," said Snyder in a press conference with several lawmakers and business leaders. "It has been 40 years since the no-fault system has been implemented, and it's long overdue for review. These changes will create a policy that continues to cover accident victims far better than any other state and will create cost controls that stem the tide of rising insurance premiums while also providing immediate relief for families."
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Gap insurance will cover the gap in between what you get from the insurance company and what you owe to the finance company if your vehicle is damaged beyond repair in a an accident. If you have low equity in your vehicle or you lease your vehicle, we strong recommend that you carry gap coverage. Too many people are upside down in their loans and vehicle leases usually only require minimum equity. Furthermore, if you do lease an automobile, most leasing companies are going to require you to have gap insurance. The best way to protect yourself when you look for car insurance young drivers is by carrying and maintaining gap coverage. On the flip side, if you have an older vehicle, or you have a lot of equity in your vehicle, then there is not a need to carry gap coverage. To find out whether or not you need to carry to gap insurance, do the math and see if it makes good financial sense prior to getting free auto insurance quotes. As you can see there are many coverage options for you to consider prior to purchasing a policy. Having a good understanding of all the available coverage options will help to ensure that you get optimal coverage to properly protect you and your loved ones. Once you do know which coverage and how much coverage is needed to properly protect yourself, then it is time to compare car insurance online. The internet makes is very easy to get instant access to multiple insurers who are eager to compete for your business. We strongly recommend that you dedicate sufficient time to conducting your search. By doing so, you will increase your odds of getting the coverage you need at the price you desire.