New Michigan Bill Would Lower Auto Insurance Rates In Detroit
A new Michigan bill has been introduced to limit what auto insurance companies can use to set rates, which would lower prices for residents in one of the most expensive auto insurance states in the country.
Lets be honest, living in Michigan sucks when it comes to auto insurance prices. According to CBSNews.com, Michigan comes in at #1 for most expensive state for auto insurance prices, but that could soon change thanks to a new law, at least for Detroit that is.
Senate Bill 312 would limit what auto insurance companies can use to set their rates. The factors that would insurance companies would be able to use would be repair costs, insurance claim history, and civil infraction history. As of right now though auto insurance companies can use where you live, how many years you’ve been driving, insurance-based credit score, miles driven, and much more. This means that auto insurance companies can’t charge you more for where you live or how old you are.
In order for this bill to passed it has to go through the Senate and earn a signature from Governor Rick Snyder. Lets pray Snyder has his pen ready for this one.