The new No-Fault auto insurance law in Michigan aims to reduce the cost of auto insurance premiums by introducing more choice and competition. Factors influencing rates for seniors include age, driving record, and the Medicare Parts A and B coverage. Under the new law, drivers should see even greater savings on the PIP medical portion of their policies.
In 2021, the average driver in Michigan paid $1,306 per year for car insurance. However, the new law could leave older drivers without access to needed medical care after a car accident. Direct Auto will take up to 5% off for people 55 and older who have successfully completed a motor vehicle accident.
The Insurance Institute for Highway Safety reports that fatal crashes increased notably at ages 70 to 74 and are highest in drivers 85 and older. The new auto insurance law allows named insureds covered by Medicare to opt out of PIP medical coverage as long as all other household members have other options.
Car insurance for seniors can be cheaper than other age groups and can be lower by choosing the Medicare/opt-out options. If a Medicaid patient takes $50,000 in PIP coverage, they will receive a 45 reduction, but these discounts are only to the charge for their PIP. Michigan is the only state where unlimited PIP medical remains an option.
In summary, the new No-Fault auto insurance law in Michigan aims to provide more choice and competition for drivers, but it may also lead to higher insurance premiums for older drivers.
📹 How Much Car Insurance Do I Actually Need?
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Should a 65 year old have life insurance?
A 65-year-old should buy life insurance if they want a death benefit to cover their final expenses, create an inheritance, and pay off remaining debt. However, qualifying for life insurance becomes more challenging as people age. Life insurance is no longer needed for many people in their 60s or 70s, as they have retired, their children have grown up, and have paid off their mortgage and other debts. Some people prefer to keep life insurance later in life to leave a larger inheritance and pay off final expenses.
It may be counterproductive to give up life insurance after retirement, but if you have no income to replace, very little debt, a self-sufficient family, and no estate settlement concerns, you may be able to say goodbye to the policy. Estate planning may require a different type of policy or major changes.
Which type of insurance is best for old car?
Insurance premiums for older vehicles with lower value may be reduced by the avoidance of comprehensive and collision coverage. Nevertheless, those who have taken out loans or entered into leasing agreements may be required to take out comprehensive insurance.
What is the best insurance for a 70 year old?
The leading senior life insurance companies include Pacific Life, Corebridge Financial, and numerous other prominent entities.
Who is the cheapest car insurance in Michigan?
Michigan’s average car insurance cost is $2, 411 per year, or $201 per month, according to a recent NerdWallet analysis. Geico is the cheapest insurance company, with an average annual cost of $1, 140. However, Wolverine Mutual offers the cheapest minimum coverage policy at $204 per year for a 35-year-old driver with a clean driving record. Auto insurance prices in Michigan are on the rise, so it’s recommended to get quotes from three or more companies to find the lowest possible rate.
Who has the cheapest car insurance in the state of Michigan?
Michigan drivers can find the cheapest full-coverage car insurance rates from USAA, Geico, and USAA in the Wolverine State. USAA offers the cheapest minimum-liability coverage at $383 per year or $32 per month, while Geico offers the cheapest full-coverage rate at $2, 131 per year or $178 per month. Geico offers the cheapest minimum-liability coverage at $560 per year or $47 per month. The average cost for a full-coverage policy in Michigan is $4, 067 per year or $339 per month, which is 52 more than the national average of $2, 681 per year. MarketWatch Guides provides recommendations for the cheapest Michigan car insurance, including estimates for drivers from different profiles and key information about Michigan insurance laws.
Why is Michigan’s car insurance so expensive?
Michigan’s Catastrophic Claims Association handles medical or personal injury coverage after the first $600, 000, making it the most generous policy in the U. S. However, this extensive coverage leads to rising auto insurance premiums. Detroit, despite Michigan’s low cost of living and healthcare, has exorbitant medical bills. For example, Detroit medical providers charged $5, 300 for an MRI in 2017, which would cost under $500 with Medicare or under $1, 000 at other facilities. Insurance providers consider these costs, leading to high auto insurance rates in Detroit.
What changed with Michigan car insurance?
Michigan’s auto insurance reform has significantly altered the state’s No-Fault law, impacting all drivers and accident victims. The changes include PIP choice, opt-outs, attendant care limits, a fee schedule, and increased bodily injury liability coverage. It is crucial for drivers and accident victims to understand the implications of these changes on their legal rights under their personal protection insurance benefits policies and their ability to recover No-Fault PIP benefits after a car crash. Experienced car accident lawyers aim to provide comprehensive information on the legal rights at stake under the reform.
Which insurance company is best for senior citizens?
The top six life insurance companies for seniors in the U. S. are Fidelity Life, MassMutual, State Farm, Northwestern Mutual, Mutual of Omaha, and Guardian Life. These companies offer guaranteed issue coverage, customer satisfaction, personalized experiences, accelerated death benefits, and accelerated death benefits. Despite the increase in life insurance rates with age, seniors in the U. S. still have coverage options. The top six companies are based on AM Best and J.
D. Power scores as of August 2024. State Farm is ranked for customer satisfaction, Northwestern Mutual for personalized experience, Mutual of Omaha for accelerated death benefits, and Guardian Life for older seniors.
What is the best car insurance for people over 65?
Insurance companies such as Allstate, American Family, Nationwide, and USAA provide pay-per-mile insurance policies for senior citizens who do not frequently drive, offering them a cost-effective solution. Metromile, which is currently available in eight states, is the only insurer that offers pay-per-mile coverage.
What is the cheapest car insurance in Michigan?
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Which type of insurance is most important for retired persons?
Long-term care insurance is crucial for retirees to protect their retirement assets and provide financial stability. Without it, they may quickly deplete their savings to pay for necessary care, potentially leaving their spouse or loved ones financially vulnerable. The average cost of a private room in a nursing home is $100, 000 per year, and the cost is expected to increase in the future.
📹 7 mistakes people make when purchasing car insurance
There are so many ways to buy insurance and so many agents and company options out there, it’s hard to get the best insurance …
Bottom line. All insurance is the overpriced since we are forced to have it. We are also paying for all those speeders thinking they are great drivers and getting their thrills on a shared highway instead of some other sport where if there is an accident, only they will be the victims. Had my license since 21 and am now 60. Never a speeding ticket or accident. Payed out enough in insurance to buy another 50 k car and all I have to show for it is a pile of paper from the insurance company. What can I get in queens NY for a 2021 Jeep renegade with 14k miles. Can you see by the miles I do not drive much.
I am a caregiver of an elderly woman in Southern California that has Mercury Insurance. She doesn’t even drive anymore but still wants to have it. I requested a copy of her coverage and besides the fact she’s paying the highest amount on everything, I noticed 2 endorsements added and only found info on one which is for Uber type drivers. She’s not an Uber driver lol. She’s paying extra for this and there’s not a lot I can find on endorsements. Looking for some help!
I mean, might as well go for it. I’m 15, nearly 16, and am looking ahead of time for when I get my license in a month. Although I might do Insurance from my parents with State Farm, but wondering if there is any other place that might be giving better deals to brand new license holders in the state of Utah.
When car shopping, for the first time what should you expect your car insurance quote to be … my bfis trying to insure a car that we financed and we been shopping around we are getting quotes $1000 with a clean record from almost all insurance company’s while our family & friends are paying $150-$300 per month
I’m a retired Insurance Agent and agency owner. I earned the professional designations Certified Property Casualty Underwriter (CPCU) and Accredited Advisor In Insurance (AAI). Earning these designations required 6 1/2 years of college level study in Insurance and Risk Management. My point is this. Would you go to a Paramedic for a serious medical condition or would you prefer a doctor that graduated from medical school? Would you prefer an insurance agent that only had company level training, in other words just enough knowledge to obtain an insurance license, or would you prefer an agent that has invested the time and money to obtain a college level education in Insurance and Risk Management? As an example, read your policy and see if you know what is and is not covered after you read your policy. A trained professional agent will ask all the necessary questions to insure you get the correct coverage with all the applicable discounts. If your agent has no professional designations then you might want to find one that does. You probably have a family doctor, so you might want to consider finding a family insurance agent that you trust and has access to multiple insurance companies. That is not to say a company agent isn’t a professional or the company they represent isn’t a quality, company, but it’s the only company the agent can quote you with. Price is relevant, but do you buy the cheapest car you can find, do you dine at the cheapest restaurants you can find, do you buy the cheapest furniture you can find.
I live in a suburb of New York. Have 2 purchased cars one of which is less than a year old, 2 drivers (46M and 42F), one at fault (42F) accident and one no fault accident (46M). Had GEICO but they have raised our premium to $3,700 for 6 months. Which company do you recommend that would be better? What is your opinion on Amica?
I live in Utah, 54, I was recently in an accident which was exactly what it was, an accident. The way all of it happened was very weird, I’m an experienced driver, I don’t drive crazy and I pay attention. Coming to a traffic light, there was a vehicle in front of me, it was stopped at the light, I had plenty of time to stop although it had rained hard earlier that day and the road I was on had been torn up forever, there are pot holes and gravel everywhere. I applied the brakes and started to slide towards the vehicle so I tried to go into the left turning lane it didn’t work and I kept sliding into the vehicle that was stopped at the light,. My insurance was about 80a month for just comprehensive at that time and they ticketed me following too close for conditions. My car was totaled and it was not covered of course. The insurance contacted me about the claim they were paying and that was that ..I knew that wasn’t the end of it. I bought another very cheap car from a friend and when I called that same company for insurance, they were now telling me I had to pay 185 a month for comprehensive. That’s as much as an sr22 rate. It’s not right. Now I have a car sitting in my garage doing nothing because I can’t afford to pay that much for insurance and even if I could, I’m not paying it. This is comprehensive were talking about. Seriously, what do I do? It’s funny how insurance companies can legally gauge people and steal their money and we have no choice but to pay it or have huge consequences and even a confident, experienced driver has 1 accident,I did not agree with the ticket since the vehicle was already stopped, and now I’m being forced to live without transportation.
I’m 22 at the time of writing this. I’m in community college and live in Colorado. I am a homeowner as well. I drive a used 2012 Volkswagen Passat 2.5, own in full. I had an at fault accident during the winter 2020 (no one was hurt, as it was a parked car) What are your recommendations for car insurance? Looking for something affordable for low income. I’m still in school
Loved your article! Looking for auto insurance (I heard Independent companies are better?). I reside in Hawthorne, Florida (32640 zip code). I’m 33. I have had continuous coverage with Farm Bureau since age 16. One small fender bender that was not my fault (rear ended). No tickets. I just purchased a 4×4 2011 Chev. k1500LT extended cab. I work from home so I do not drive a lot.
Ik I’m a lil late but hey I’m 24 living in Texas with one previous minor speeding ticket. I’m also i military veteran, and I’m looking to get car insurance in about 2 weeks. Im in the market for another sports car so rates are insane but income wise I am not jumping too quick and I definitely can comfortably afford the car plus insurance. It would be a big help if you could give me some advice on what insurance company might be best sir.
This is a very helpful article. Since it appears you’re willing to give advice I figure I might as well ask! 😉 76, MA, perfect driving record (for decades!), only want the absolute MA required coverages and no more. I’m an extremely safe driver, take no chances, watch my rearview as much as ahead and am always aware of less than safe drivers around me. I drive less than 5K miles/year. I would pay the full coverage up front. Full disclosure – Since the Pandemic I’ve been driving without insurance due to my greatly decreased self-employed income. My vehicle (2004 Chevy Astro) has been off the road for the past year but I just finally fixed it (do my own repairs) and need to get back on the road again. What company would you recommend for me? Thanks for your time!
Thanks for the article…first time shopping for auto and home together…we have had separate vendors for years…we are mid 40’s, two Hondas, 3 kids, 1900 sq foot house with professional security system, big dog and two fireplaces, would like earthquake insurance also…what are some vendors ghat are worth checking out?
Hello Im 55 yrs old. I drive a 2012 ford focus stix, that i bought in 2015. It has close to 200,000 mi on it. Ive had one at fault accident about ten years ago It runs a little rough. It wont go the speed it used to. I use it to go back and forth to work about a 40 min drive I live in Monticello Ky I work in Somerset Im a low income worker The car cost 12000 then i figure it be worth between 3 or 5 thousand now What kind of insurance should i have Just liability or is collision still a good idea. I like the idea of having a car rental add on I dont understand the insurance business Ive been using my Farmers insurance from California l for almost a year almost A thought of changing it cause they dont have a office anywhere near me Im not entirely comfortable with digital insurance. Any advice I really need to get my car registered for this state, Ive been here almost a year Thank You
Hoping you could give me some help and heres some facts. Male, 27, financed vehicle but I want comprehensive and collision anyway, NC near Charlotte but just 5 minutes outside city limits, considering doing food delivery, and possibly considering SUV life but I dont want the contents covered. I have tickets and crashes, last was September of 2019 but I drive like a grandpa now and if i do delivery im expecting 30-50k miles driven a year. If i do delivery should I even consider personal policy or should I bump it up to business/commercial?
I am in upstate NY and 22 years old. Im buying a car at the end of the year and it would be on the cheaper side. But i am saving up now for both insurance and the car since i’ll be going to school full time and wont get to work as many hours. I would really appreciate a basic idea of what i can expect. What the highest imaginable would be. I’ve heard anything from 800 to 1600 so i am just confused. i just got my license so ofc no accidents nor prior insurance.
My daughter is 24 in bklyn Ny had one accident but was not listed on my bf ins clear cover but they want us to exclude her but we reside in md an now they saying we either exclude her or they will cancel the policy but by excluding her will leave us liable for the accident why is this an do u have to report everyone in ur house hold even if they don’t live with u an why are they mandating this
I am in Chicago, IL. I am looking to switch auto insurance companies from Progressive (been with them for 5 years..rate are too high. What companies do you recommend for 2 vehicles?? I’m My husband and I are both in our 30s. One is a 2019 rav4 (still paying it off) and one is 2011 hybrid and owned. We are thinking to take off collision and comprehension on the 2011 hybrid and keep full on the 2019 rav4.
Hey there, I’m extremely inexperienced with insurances. I was on my parents originally but had to jump to my own plan. I turn 30 this year and have been driving since 2011/2012. I’m currently with The General for a year now for auto insurance, but I’m getting annoyed as they raised the cost of $20/mo since last year.
Hey there! First off, thank you for sharing your knowledge and helping us making more informed decisions. Appreciate your time. I plan on using my dads used 08′ chrysler convertible while shopping for a new car and want to see if you know of any low income car insurers in VA? I am a 23 yo female. Thanks!
i live in Chicago with 2 cars i,m over 60 and my nephew drives one of the cars. He’s 21 neither of us has had an accident. We both have at least 1 or 2 tickets. Speeding less than 10miles and the other for a toll. What companies would you recommend. I’m currently insured with State Farm and they are raising my premiums.
What is the legalities when calling an Insurance agency for a “Brand” of Insurance and the company goes behind your back without your permission to seek other quotes from other companies? I feel this is wrong. It is sharing information that is only intended for the brand of insurance agents but they should say they are doing this and never they say this. What is your opinion?
Hello, I’m 25 and I live in New York Rochester, I had old car 2014. It was penalized by Kia and I financed a new car that is 2018 Toyota, my price went high up to 500. What company do you think is the best fit for me and every company is denying to take me I looked up for. what should I do about the situation?
I get AAA premium free membership as a perk from my employer. So I could deactivate the insurance road side assistance – I hope not needing AAA 4x a year, my car is not that bad 😀 I was shocked moving to the US how car insurances work here. I got refused by all companies but the one with the G at the beginning. And the premiums were horrendous as for the US I counted as a freshly newly licensed driver without having had any US or Canadian auto insurance in my life. In most European countries EVERY car insurance is required to TAKE you, as it is a mandatory insurance to operate a vehicle. And they accept other European and US driving records to show your driving experience. Not so in the US. If your score is too bad or you do not have your US driving license long enough – you can be denied by everyone and not be able to drive anymore. Good luck finding a co-signer when you immigrated into the US alone as single knowing no one yet. I asked my neighbors too what they pay for car insurance. Even with 20+ years driving experience, liability protection alone is 10x more expensive than in Germany. It is crazy. And never forget the hidden cost of financing a vehicle here: Collision and comprehensive is SO EXPENSIVE that it is like an extre HUGE interest on the loan. But of course – US banks do everything that you cannot avoid that – as if they find out that you used your $40,000 loan for an “expensive purchase” for a CAR – Trouble! They forbid that (other than for a down payment). That are my $0.
Hello I am 20 years old college student and I have a 2012 Acura tl. I currently live with my parents so i am under their car insurance however i pay for all the insurance so i am just using my parents name for the discount. I am with geico right now and my insurance fee is ridiculously high. What should i do
Hi new subscriber here. I love your articles, i was involved in an accident and it was my fault, the other driver sent the bill to my insurance which is $120,000. I only have liability of $15,000. I am going to pay for the rest or anything else? What about if the other driver sued me? Should I pay for anything??
Hey! I am 23 y.o, just starting this whole process. Gonna buy a car from a friend, and looking at insurances. I live in PA. I noticed in a article prior to this, that the advice is to maximize liability, and increase deductibles in both comprehension and collision. But you mentioned that increased deductible was a mistake?
Hey Guys, I am a northern brother in Ontario ., Canada (near Toronto ) . Regulators in ontario are pretty much window dresseing as Insurance companys, their referred autobody shops and their brokers are joined at the hip . I had a simple accident claim, a driver side swiped me and admitted 100%fault . The insurance company purposely grossly exagerrated the damage and tried to write off the car and their chosen Auto repar shop car Star also falsely appraied damage where there was non . All three party’s came after me like a buldozer on steroids, to edit this I filed a claim with the Superior Court of justice and was awarded my claim for, “punitive and aggravated damages ” This is serious for the company’s involved as this is a permanent record for the public to see . Comments are welcome .
Thanks for the great article. Can you suggest a good car insurance for california? I am a 51 y/o single dad, kids will not be driving for a while. I own my own home and car and only have the one car and work from home. I probably drive less than 6000 miles a year and have no tickets or accidents on my record and have good credit. Of Course budget is a concern but I hear what you are saying about the discounts and perks of getting better insurance. Roadside assistance would be a great bonus. Very interested to hear your thoughts. Thanks!
I wish I had known buying a high horsepower old muscle car that’s highly collectible would cost me more than the car is worth in the 5 years it takes to build a good driving history. Frigging almost 1100 a month. 13,000 a year. No accidents no duis no issues. Just brand new driver. Probably didn’t help I showed them an appraisal.
This is nuts that you can build a business off of telling people how to purchase insurance! I moved out and across the country the week I turned 16. I taught myself all of this stuff well taught is a strong word. I’d say intuition lead the way 😂😂😂 But yes I do carve out one complete day a year just to make phone calls about insurances. And once again that’s what I naively thought would be common sense to know what you want to purchase before you go out and start looking let alone purchase any policy or item. 😂 In all earnestness good on you for making a business with such a long reach! Maybe there are enough morons out there I can start a similar business 😂 Cuzthis is mind-blowing to me that this is common sense! Like wow! I’m still a youngster at that for the most part at least😂😂😂