The Michigan Association of Insurance Agents praised the Michigan Catastrophic Claims Association for its decision to lower its annual automobile assessment to $137.33 per vehicle, a decrease from last year’s $141.70. This year’s decline in assessments is the first since 2003.
“We are pleased that the MCCA has demonstrated good judgment and fiscal restraint in lowering their assessment to motorists,” said Gary Mitchell, spokesman for the Michigan Association of Insurance Agents. “The MCCA is in a difficult situation of having to balance the cost of paying for catastrophic auto-related injuries that can exceed millions of dollars in medical and rehabilitation costs, with the need to minimize the economic hardship imposed upon consumers. That is a difficult balancing act, but one that the MCCA deserves credit for accomplishing.”
At the end of 2005, 19,394 catastrophic claims had been reported to the MCCA. Medical reimbursements totaling more than $4.7 million have been made on over 8,200 claims.
Michigan is the only state that pays for unlimited medical and rehabilitation services due to auto-related injuries. Its no-fault insurance law is widely considered the best in the nation.
The Michigan Association of Insurance Agents is a statewide trade group that represents approximately 10,000 independent agents and industry employees.
Source: The Michigan Association of Insurance Agents
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