Insurance Institute of Michigan
January 17, 2019

Key Issues

What’s Credit Got To Do With Insurance?

Insurance companies for many years have used factors such as driving record, years of driving experience, and age and construction of a home to make insurance decisions.  Credit history has become an important factor that is a highly-accurate predictor of risk.

The Michigan Catastrophic Claims Association

What is the Michigan Catastrophic Claims Association? Why was it created and why do consumers pay for it?  Often, in the debate about car insurance rates, the MCCA becomes a hot topic.  It isn’t widely understood by consumers, who wonder why they have to pay for it.  What are the facts?

Homeowner’s Insurance Costs Moderate

The average Michigan homeowner paid $734 for home insurance in 2005. Homeowners insurance is a good buy in Michigan, the $734 average premium is below the national average of $764.

Municipal Emergency Response Fees

There is a growing trend of municipalities charging insurance companies for emergency response to traffic accidents. There could be a direct consequence of these charges for insurance-buying consumers.

The Hidden Taxes On Insurance Premiums

When policyholders pay premiums, they are paying not only to protect themselves and their families; they are paying for programs mandated by state law.  These “hidden taxes” are passed on to policyholders in the form of higher insurance premiums.

Insurance In Urban Areas

Here in Michigan and throughout the United States, individuals in densely populated urban areas pay more for car and home insurance.  Industry critics charge that insurance rates should not be based on where they live.  However, insurance rates paid by urban motorists are neither arbitrary nor discriminatory.  They are a true reflection of insurance pay out.  The frequency and severity of insurance claims are generally higher in urban areas.  So premiums must be higher.

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