BREAKING: Michigan House Passes Auto Insurance Overhaul
You could be paying hundreds of dollars less for auto insurance soon.
The Michigan House has passed its overhaul of the state’s auto insurance system early Thursday morning allowing insurance companies to have lower medical coverage options.
It would also require companies to reduce consumer prices for the next five years.
The early morning vote comes just one day after a plan was approved by the Senate.
Governor Gretchen Whitmer has previously threatened to veto the Senate’s version of the bill.
She said it lacked guaranteed rate reductions, and didn’t prevent companies from setting rates based on non-driving factors like credit score and zip code.
The House measure still removes the unlimited medical coverage requirement from policies, but now includes changes for new coverage levels.
It also mandates certain rollbacks for five years.
It would also give the Department of Insurance and Financial Service the ability to create rules on discriminatory rate setting.
The new version of the auto insurance legislation is now headed back to the Senate.