Everything you need to know in regards to Michigan auto insurance
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by: stvh34
When it comes to Michigan auto insurance coverage, the residents of Michigan are well aware with the fact that it is no-fault state. 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. There is a law at Michigan which deals with compensating medical expenses, lost wages and getting the vehicle repaired called the no-fault law which is very quick.
The law stated by Michigan auto insurance requires you to carry the minimum body injury liability which amounts ti 20/40/10. This means you have coverage for $20,000 per injured person up to a total $40,000 per accident. This also comes with property damage liability of $10,000. 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. This also covers wage loss for people unable to go to work, clean their house, etc...
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. Broad form of collision is the first form. If the accident caused by you is more than 50% at your fault then you only pay the deductible. Out of the three this is considered the better option. Basic or standard collision is next. With this coverage you have to pay the deductible no matter who is at fault. 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. You will get expensive insurance bills if you start purchasing more coverage's and putting yourself into less risks. In the long run this is not a bad idea. Paying a little more now for excellent coverage can save thousands in the long run when you need it. 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.