Auto Insurance In Michigan
Everything You Need To Know In Regards To Michigan Auto Insurance
Most Michigan residents are well aware of the fact that Michigan is a no-fault state when it comes to their Michigan auto insurance coverage. In Michigan selecting the right auto insurance to meet your needs usually requires purchasing much more then just the basic Michigan minimum requirements to remain legal. The no-fault law in Michigan is supposed to be quick at compensating medical expenses, lost wages, and getting your vehicle repaired.
Michigan auto insurance law requires you to carry the minimum Bodily Injury Liability limits of 20/40/10. This means you have coverage for $20,000 per injured person up to a total $40,000 per accident. This also comes with property damage liability of $10,000 . In the state of Michigan property damage is automatically increased and covered up to 1 million dollars.
There is also PIP coverage included in your Michigan auto insurance policy as well. This covers personnel injury for all reasonable medical costs, wage loss for the driver and passengers if any. This also covers wage loss for people unable to go to work, clean their house, etc…
Collision coverage is an optional coverage that will reimburse for damages to the actual vehicle in the event of an accident. This comes three forms. The first is broad form collision. With broad form collision you only pay the deductible if you are more then 50% at fault in the accident. This is considered the better option out of the three. The next is basic, or standard collision. With this coverage you have to pay the deductible no matter who is at fault. It still provides excellent coverage, you just carry some of the risk no matter what. The last coverage is limited collision. This coverage only provides reimbursement if you are less then 50% at fault in the accident. If you are 51% at fault you wouldn’t have any physical damage coverage.
Apart from the all the above coverages we described, there are few more coverages available like comprehensive coverage, uninsured or underinsured coverage. This is always good to talk to your insurance professional to get a policy that meets your specific needs.
As you can see, there are various kinds of coverage for the different purposes when it comes to Michigan auto insurance. In the end you have to go with what meets your needs best. The more coverage you purchase and the less risk you take on yourself is going to mean more expensive insurance bills. This isn’t always bad though in the long run. Paying a little more now for excellent coverage can save thousands in the long run when you need it. On the other hand, insuring a vehicle that is worth a few hundred dollars with all the extras might just be a waste of money. Getting quotes online from multiple carriers is one huge way to lower those bills too.
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