The road to regulation in Michigan
State governments may have a responsibility to protect lower-income groups during tough economic times, but it appears that Michigan regulators may be able to do more to balance auto insurance rates than a complete reform package.
This article addresses the road to regulation in Michigan and brings out valuable points to ponder. It reads in part:
“The government should empower regulatory agencies that can force insurance companies to offer fair rates, rather than pass a bill completely revising, perhaps unwisely, the way rates are calculated.”
“Looking at a driver’s level of education, profession and income aren’t necessarily fair ways of determining an individual’s likelihood of being involved in an accident.”
“But while low-income drivers can’t afford to pay more than everyone else, insurance companies shouldn’t necessarily be barred from making determinations about whether drivers will be able to pay if they are involved in an accident.”
“Instead, legislators should expand the ability of regulatory agencies to make those determinations. Regulators should be given a strong mandate to make sure that insurance premiums are being calculated fairly and that low-income drivers aren’t getting the short end of the stick. Such a mandate would be able to protect the less fortunate while making sure that insurance companies don’t pass the costs on to middle-class families.” [ Read More ]
Serenity Insurance provides SR22 insurance in 47 states, including the state of Michigan. Let us prove that we can beat the rates and service of the national insurance carriers. Put us to the test! We work with a large number of companies to get the most competitive auto insurance rates for our customers.
Call us toll free at 1-800-774-0520 or fill out a car insurance quote request today.