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
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
AI Claim Assistant Now Taking Auto Damage Claims Calls at Travelers 
Munich Re Unit to Cut 1,000 Positions as AI Takes Over Jobs 
Florida Engineers: Winds Under 110 mph Simply Do Not Damage Concrete Tiles From This Issue
