Lawmakers considering capping no-fault auto insurance
State lawmakers are considering big changes to Michigan TMs no-fault auto insurance laws.
Last week, Gov. Rick Snyder and several state lawmakers introduced plans they said will protect Michigan TMs no-fault auto insurance system and save Michigan drivers an average of $250 each year.
House Bill 4612 would cap medical benefits at $1 million and offer car owners a one-time savings of $150 in 2014. Currently, the no-fault law offers unlimited lifetime coverage.
We must pass these legislative reforms to preserve our no-fault system and save insurance purchasers money at a time when every dollar counts, said Wendy Block, Director of Health Policy and Human Resources for the Michigan Chamber of Commerce.
House Bill 4612 also has strong opposition.
I totally oppose this bill, said Mark Wilson, Lighthouse Neurological Rehabilitation. This horrible bill will drastically change our current no-fault law in favor of the insurance companies|$1 million does not go a long way if you are catastrophically injured.
Insurance companies have said they can no longer afford to operate under the current no-fault system.