A new auto insurance bill has been introduced and proposed to Michigan legislature. As of today, Michigan is the one and only state that requires unlimited personal injury coverage for residents seriously injured in a car accident. This new bill proposes to change this structure and allow limited personal injury coverage. Although this will make insurance for motorists a little cheaper, the new policies will range in protection from $1/4 mill. to $5 million instead of uncapped.
This may seem like a good idea, but you must also think of the consequences. I mean who doesn’t like cheaper auto insurance rates right? Lets say you opt for the $250,000 and you are seriously hurt in an accident. Believe it or not your costs will most likely exceed this 1/4 mill amount. You are lucky to be alive, but unfortunately you now have serious serious financial trouble. For the rest of your life you are left with multiple lingering injuries and an insurmountable debt. Those slightly cheaper rates sure sound good until it’s you or a loved one that are involved in a serious accident.