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Competition Hurts Car InsurersHeightened competition among Michigan auto insurance providers in the United States is hurting, as revealed by a new report. Fitch Ratings Inc., a Nationally Recognized Statistical Rating Organizations (NRSRO), reported that car insurers are entering tougher days despite their strong operating performance since 2003. Increased competition meant lower premium rates for American ...
A proposed bill to ban higher auto and property insurance rates for those living in Detroit, Michigan and surrounding areas failed in the Senate recently according to the article “Bill to Ban Higher Insurance Rates In Detroit Fails” by Karen Bouffard.
The Senate brought the bill for a vote by Sen. Martha G. Scott, D-Highland Park, who urged Congress to pass the bill. She said the state of Michigan pays the 12th highest auto insurance rates, but in the urban area it’s the highest in the country. Sen. Alan Sanborn, R-Richmond believes the ban would increase rates for people who live in non-urban areas.
The new bill could result in higher auto insurance rates for 3 out of 4 Michigan drivers according to Sanborn. He believes there needs to be another way to solve the high cost of Michigan auto insurance. As many people are struggling in this economy, auto insurance costs are becoming challenging for many residents. Hopefully something can be worked out to help make auto insurance more affordable for all.
...A new Demonstration Division designed specifically for large, established automobile manufacturers was announced in January 2009 at the North ...
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