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Posted: 10:40 PM Apr 1, 2010
Car Insurance Rates Going Up This Summer
Catastrophic coverage fee rising.
Reporter: Associated Press |
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Michigan motorists will pay $18.20 more this year to a fund helping support seriously injured accident victims.
The Michigan Catastrophic Claims Association on Thursday raised the annual assessment to $143.09 per vehicle, the highest amount it has ever assessed.
The assessment is passed on from insurance companies to drivers' annual insurance bills. The fee takes effect July 1.
Michigan is the only state that offers unlimited lifetime medical benefits for people seriously injured in car accidents. Some of the higher assessment will go toward building up reserves to deal with higher health care costs and less from investments.
The MCCA is a private, nonprofit association created by state law in 1978. All insurance companies that write auto insurance in Michigan have to be members.
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