$550 million profit windfall for auto insurance companies could increase to $1.2 billion per year after expiration of SB 248’s two-year moratorium on price increases For an industry that’s so deathly averse to price controls being imposed on what it charges auto insurance consumers, the auto insurance industry is plenty gung-ho when it comes to imposing price controls on what doctors and hospitals can charge for treating Michigan car crash victims. Why? Because price controls on doctors and hospitals will make Michigan’s auto insurance industry rich. Under the price controls proposed in the House Insurance Committee’s version of the Senate No Fault plan, Senate Bill 248, the auto insurance industry will: Pocket approximately $550 million in savings (read: profits) for each of the next two … [Read More...]

Or will current attendant care rates and hours no longer be grandfathered? Here’s how SB 248 may affect your No Fault benefits if it’s passed into law I’ve received a number of frantic emails these past two weeks on the various proposed changes to Michigan’s No Fault laws. I’ve been an outspoken critic against these proposed changes. I believe the amendments to our No Fault law, which I will refer to as Senate Bill 248 for this blog even as it’s racing toward a possible vote later this week in the Michigan House, are a gift to the auto insurance companies at the expense of catastrophically injured auto accident victims that require critical No Fault benefits such as attendant care. The question that most people want … [Read More...]