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catastrophic claims account has too much money, collect $400


bikeman564™
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Just now, Longjohn said:

The deer herd must be getting thinned out so there are not as many collisions.

I wonder if there is a lag from to COVID slowdowns?  Less driving sometimes meant less accidents?  Not even sure what "catastrophic claims" are.  Michigan isn't known for wild fires, earthquakes, tsunamis, tornadoes, or hurricanes, and they seem to be fine with blizzards.

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1 hour ago, Razors Edge said:

Not even sure what "catastrophic claims" are. 

Has to do with lifetime financial payouts to people involved in vehicle accidents. This is unlimited. There is IIRC 50 billion in the fund, so money is being returned. The Governor signed something. Yada yada yada, $400 per vehicle. It's kind of a scam too, because you can't drive more than one vehicle at a time, but its required on all vehicles, not all drivers. Which would make more sense.

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2 minutes ago, Randomguy said:

Not bad!  Is there a regulatory agency safeguarding the public's interest, or a lawsuit behind this?

There's no lawsuit, or agency. Michigan no-fault is a sore subject with lots of people. Our Governor wanted to give back 5B, but 3B is being returned. Its more complicated than I care to think about.

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The underlying issue is that Michigan has had some of the highest auto insurance rates in the country mostly due to them scalping us (per government formula) for EXCESSIVE uninsured motorists coverage.  That fund has gotten so large they can’t ignore it anymore and are returning it to insured motorists.

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5 minutes ago, Kzoo said:

The underlying issue is that Michigan has had some of the highest auto insurance rates in the country mostly due to them scalping us (per government formula) for EXCESSIVE uninsured motorists coverage.  That fund has gotten so large they can’t ignore it anymore and are returning it to insured motorists.

I bet they are just worried the folks from Wisconsin might raid the state.  That would cause MAYHEM!  Lock the bars and keep your daughters safe at home!

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1 minute ago, Razors Edge said:

I bet they are just worried the folks from Wisconsin might raid the state.  That would cause MAYHEM!  Lock the bars and keep your daughters safe at home!

Pffft.  Us worry? Drunk Wisconsinites swimming across the lake…

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3 minutes ago, Razors Edge said:

I got the impression they were headed north around the lake!

Than the drunks have to navigate to the one point where they find the bridge.  That ain’t happening.

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6 hours ago, Razors Edge said:

I wonder if there is a lag from to COVID slowdowns?  Less driving sometimes meant less accidents?

In 2020 we received refunds and reduced insurance rates in IL because people were driving less.   An incredible $24 for each of our 3 cars.  

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1 hour ago, Kzoo said:

Pffft.  Us worry? Drunk Wisconsinites swimming across the lake…

We can just walk across the state line into the UP

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1 hour ago, Bikeguy said:

In 2020 we received refunds and reduced insurance rates in IL because people were driving less.   An incredible $24 for each of our 3 cars.  

I got a small refund like that too. But I wasn't driving any less than normal because I was still at work every day. But I'll take it.

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1 hour ago, Bikeguy said:

In 2020 we received refunds and reduced insurance rates in IL because people were driving less.   An incredible $24 for each of our 3 cars.  

I just looked, I received a $31.91 refund in '20. It was divided into two payments, June & August.

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1 minute ago, bikeman564™ said:

I just looked, I received a $31.91 refund in '20. It was divided into two payments, June & August.

Ya, that was an insult. I was pissed.

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At least it will pay for gasoline for a while.

The number, $400 per car, seems strange.

Wouldn't people with awful driving records and $70,000 cars get $1000 back while people who drive 3000 miles per year with perfect driving records and $10,000 cars get $100 because they're only paying 10% as much for insurance?

Sounds like buying an election at the taxpayers' expense.

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10 hours ago, smudge said:
11 hours ago, BR46 said:

We can just walk across the state line into the UP

True story.

Not without a valid passport.

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47 minutes ago, MickinMD said:

Sounds like buying an election at the taxpayers' expense.

You could look at it like that but really, every  insured motorist is paying into a fund for uninsured motorists that just keeps getting bigger because the math has been wrong.  So this is a bi-partisan attempt to return some of the unnecessarily held excess.  Our legislature is republican controlled and the Governor is a democrat.  Not much gets done but this did. 

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1 hour ago, MickinMD said:

At least it will pay for gasoline for a while.

The number, $400 per car, seems strange.

Wouldn't people with awful driving records and $70,000 cars get $1000 back while people who drive 3000 miles per year with perfect driving records and $10,000 cars get $100 because they're only paying 10% as much for insurance?

Sounds like buying an election at the taxpayers' expense.

I imagine its easier to take the total and divide by the number of policies. Get real. This method is fine, opposed to cluster fucking it up using a weighted method.

And it is an election year. What do you think? The idiot wants back in, and I'm sure she'll win.

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