Everything you need to know in regards to Michigan auto insurance
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by: stvh34
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.Property damage liability of $10,000 comes with this. Property damage is automatically increased and a coverage up to 1 million dollars is given in the state of Michigan.
Michigan auto insurance policy includes PIP coverage as well. This covers personnel injury for all reasonable medical costs, wage loss for the driver and passengers if any.Some people won be able to go to work and also clean their house so it takes care of the wage loss also.
When an accident happens there is an optional coverage provided by Michigan auto insurance which will reimburse you for damages to the vehicle this is called the collision coverage. 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. Basic or standard collision is next. No matter who is at fault you have to pay the deductible if you take up this coverage. It still provides excellent coverage, you just carry some of the risk no matter what. Limited collision is the last coverageIf the fault on your side is less than 50% only the it will provide reimbursement. If you are 51% at fault you wouldn't have any physical damage coverage.
Apart from the all the above coverage’s we described, there are few more coverage’s available like comprehensive coverage, uninsured or underinsured coverage. In order to get a policy that meets your specific needs it is always good to talk to your insurance professional.
As you can see, there are various kinds of coverage for the different purposes when it comes to Michigan auto insurance. After going through the coverage’s in the end you have to select the one that 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. You will be able to save thousands of dollars in the long run if you pay a little extra now. 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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