Auto Insurance Companies Freezing Rates in Michigan
In early February of 2009, Governor Granholm of Michigan asked each auto insurance company who conducts business within Michigan to make a pledge to freeze their rates for a 12-month period. This is to be effective immediately but these auto insurance companies have until March 1, 2009 to comply.
The reasoning behind this rate freeze is to help the citizens of Michigan better handle the sour economy. It was one idea among others proposed in a speech Governor Granholm presented in her seventh State of the State address. During this 12-month period of rate freezes, “the Legislature works to enact comprehensive insurance reform to ensure that Michigan driers have access to solid coverage at fair and affordable rates.” She also cautioned in her speech that the insurance companies that fail to freeze rates for 12 months could be punished by the Office of Financial and Insurance Regulation (OFIR).
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 Auto Insurance Companies Freezing Rates in Michigan |
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Automobile Insurance Coverage
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