Whitmer and Michigan Department of Insurance and Financial Services Director Anita Fox confirmed that the Michigan Catastrophic Claims Association has initiated the transfer of $3 billion in surplus funds to Michigan auto insurers in a press release on Friday. Some eligible residents are already starting to receive their $400 per-vehicle refunds, they announced.
"If you are eligible for a refund, your auto insurer will send it to you automatically and you do not need to take action," Fox said in the release. "Incorrect information could cause delays, so drivers may wish to confirm that their insurer has their current address and banking information."
The way the money will come depends on your insurance company. Some are doing electronic payments and some are mailing checks, according to the release. Gift cards, premium discounts and credits against current or future balances are not allowed by insurers.
"Now that the refund process has begun, it is especially important for consumers to be alert for potential scams." Fox said. "No one should call you seeking your personal information in order to get your refund, and if you get such a call – hang up and call your insurance agent or company directly to verify the legitimacy of the call."
Refund details according to the state:
- Anyone who had a vehicle, motorcycle or RV that was insured by a policy that meets the minimum insurance requirements to operate on Michigan roads as of 11:59 p.m. on Oct. 31, 2021, is eligible to receive a refund for that vehicle. You are not eligible if your vehicle was in storage with comprehensive coverage.
- Eligible Michigan policyholders will receive $400 per vehicle or $80 per historic vehicle.
- Refunds must be delivered in the form of checks or ACH deposits.
In December 2021, the Michigan Catastrophic Claims Association voted unanimously to return approximately $3 billion of surplus funds to Michigan residents while maintaining approximately $2 billion in surplus funds to ensure continuity of care for catastrophic accident survivors. Eligible drivers who do not receive their refunds by May 9 should contact their auto insurer or agent.
More information:
More information about auto insurance refunds is available at Michigan.gov/MCCArefund. If consumers have questions or concerns that cannot be resolved directly with their auto insurance company or agent, they should contact DIFS by calling Monday through Friday 8 a.m. to 5 p.m. at 833-ASK-DIFS (833-275-3437) or by emailing autoinsurance@michigan.gov.
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March 12, 2022 at 05:22AM
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$400 refunds to auto insurance customers already being distributed - Manistee News Advocate
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