I’m not fond of some insurance companies and way they pay claims, but these things would turn our industry on it’s head. Apparently, it would leave insurers with little defenses. How can you have no policy limits. What is this, Obamacare? How could you rate for this? Absurd! At the very least agents would have to become determiners of character of their clients and potential clients. Prices would jump through the roof. You would have far fewer insurers. Who are these guys anyways? There acting like legislators. Not good.
Some carriers already have experience with that, Lou. Rating for unlimited benefits (at least on the No-Fault side of the house) is already done in Michigan.
Insurance companies don’t pay unlimited benefits in Michigan, they pay up to something like $555,000 per person per accident and then the Michigan Catastrophic Injury Fund pays the rest. The fact that consumers have unlimited benefits is not the same as insurance companies themselves paying unlimited amounts of money.
Thank you for cleaning up my error, okt0ber. We don’t write a lot of business in MI (it shows, huh? :) and I was just going off of memory from being a claims adjuster well over a decade ago. Thanks again for pleasantly clarifying my incorrect post on MI’s NF coverage!
The limit is $545k and it costs $160 per vehicle. From the carrier perspective, i don’t think you get reimbursed until the claim closes so a large auto loss could take years to get your money back. Regarding the availability argument, there are insurers who write commercial lines in Michigan that refuse to open up personal lines, presumably in part due to no-fault laws. Also, I can say from personal experience that there is a huge difference in auto rates. I moved from Ohio (Columbus metro) to Michigan (Ann Arbor) and my rates nearly doubled with no mitigating factors (drop in credit score, add’l moving violations, etc). I found the rates fairly comparable when I moved to NJ.
Why would a committee of non elected individuals have this much power. Last I checked in a republic such as The USA there are 3 separate and distinct bodies who are to enact, enforce and adjudicate the laws. This group is none of those 3.
I’m not fond of some insurance companies and way they pay claims, but these things would turn our industry on it’s head. Apparently, it would leave insurers with little defenses. How can you have no policy limits. What is this, Obamacare? How could you rate for this? Absurd! At the very least agents would have to become determiners of character of their clients and potential clients. Prices would jump through the roof. You would have far fewer insurers. Who are these guys anyways? There acting like legislators. Not good.
Some carriers already have experience with that, Lou. Rating for unlimited benefits (at least on the No-Fault side of the house) is already done in Michigan.
Insurance companies don’t pay unlimited benefits in Michigan, they pay up to something like $555,000 per person per accident and then the Michigan Catastrophic Injury Fund pays the rest. The fact that consumers have unlimited benefits is not the same as insurance companies themselves paying unlimited amounts of money.
Thank you for cleaning up my error, okt0ber. We don’t write a lot of business in MI (it shows, huh? :) and I was just going off of memory from being a claims adjuster well over a decade ago. Thanks again for pleasantly clarifying my incorrect post on MI’s NF coverage!
The limit is $545k and it costs $160 per vehicle. From the carrier perspective, i don’t think you get reimbursed until the claim closes so a large auto loss could take years to get your money back. Regarding the availability argument, there are insurers who write commercial lines in Michigan that refuse to open up personal lines, presumably in part due to no-fault laws. Also, I can say from personal experience that there is a huge difference in auto rates. I moved from Ohio (Columbus metro) to Michigan (Ann Arbor) and my rates nearly doubled with no mitigating factors (drop in credit score, add’l moving violations, etc). I found the rates fairly comparable when I moved to NJ.
Why would a committee of non elected individuals have this much power. Last I checked in a republic such as The USA there are 3 separate and distinct bodies who are to enact, enforce and adjudicate the laws. This group is none of those 3.
This smells like tyranny to me!!!!!