The average cost of treating an auto accident injury in Michigan tripled over the last decade and is now more than five times the cost in the next most-expensive state. Despite this, insurance companies have, on average, lost money selling auto insurance over the same period. Those are two of the findings from a recent deep dive conducted by Crain’s Detroit Business and Bridge Magazine.Crain’s and Bridge recently teamed up to do some fantastic research on the hottest topic in Lansing: auto insurance reform. The results strongly support the case for changing the way auto insurance works in this state.
The most obvious and immediate take-away from looking at the data is that there is a very real problem with Michigan’s auto insurance laws. And, if the status quo remains, things are likely to get worse.
Source: New Analysis: Auto Insurance Costs Out of Control [Michigan Capitol Confidential]
