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Lower Car Insurance Rates One Step Closer to Reality in Michigan

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Most motorists will likely tell you that their car insurance rates are simply too high. With the economy in Michigan the way it currently is, any effort to save consumers’ money is worth a serious look. Yesterday, a state election panel approved a petition form for a 2010 ballot proposal that would would cut auto insurance rates by 20 percent.

The action by the panel means that lower insurance rates could be coming to Michigan. Next, backers of the proposal must gather over 300,000 signatures. If the effort is successful, the proposal will appear on the ballot in the 2010 election.

The proposal does more than simply lower rates. According to supporters, it helps ensure that consumers are protected against unfair trade practices and to promote competitive, affordable coverage for everyone.

Insurance companies, on the other hand, insist that they could become insolvent if the proposal were to become law. This claim seems somewhat farfetched, however. In 2008, the top four insurance companies in the country made hundreds of millions of dollars in profit, and State Farm made over $5 billion.

Auto insurance reform in Michigan is now in the hands of the voters. If enough concerned citizens sign the ballot proposal petition, you will have the chance to make your voice heard in the crucial 2010 election.

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  1. Mike Bryant says:
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    What is the affected on coverage? Are people losing protections, or it simply the giant profits that are being used to make this work? It will be interesting to see where it goes?