The average cost of an auto insurance policy in Michigan increased 4 percent in 2004, according to a study by the Insurance Institute of Michigan. The average auto insurance premium in 2004 was $1,130, compared to $1,086 in 2003, the study concluded.
Michigan is the only state that requires insurance companies to provide unlimited, lifetime medical benefits to motorists injured in auto accidents. Auto insurance premium hikes in Michigan and across the country have leveled off after years of increasing. The number of auto accidents, safer cars and fraud-fighting efforts have contributed to this trend, IIM Executive Director Peter Kuhnmuench said in a statement. However, he observed that rising costs for medical care, vehicle repairs and lawsuits remain a problem.
Topics Trends Auto Pricing Trends Michigan
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