From 2019-2022, the average auto insurance premium for all coverages in Michigan declined 18.3%, while liability coverages saw premiums drop 23% and personal injury protection (PIP) coverages decreased 43.3%. (Credit: Jevanto Productions/Stock.adobe.com)
Reforms to Michigan's no-fault auto insurance system and other regulatory revisions enacted in 2020 are showing indications of successfully lowering auto insurance premiums and reducing claims costs for insurers, according to a paper co-authored by Patricia Born, Ph.D. of Florida State University and Robert Klein, Ph.D. of Temple University.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
