Do you remember your first car? Mine was a 1991 Pontiac Grand Am that stalled if you didn’t stop exactly right at every stop sign. It was a humiliating way to get around town, but I loved it.
What I didn’t love was paying for insurance. Michigan drivers have long known that we pay some of the highest insurance rates in the country. But recently Governor Whitmer decided that a $22 billion surplus in funds held by the Michigan Catastrophic Claims Association should be paid back to drivers. What does this mean for you?
Here’s Five Fast Facts:
- 🚗🚗Every Driver Counts - You’re eligible for the refund if you have been insured since October 31, 2021.
- 💲💲 What You Get - $400 cash! The funds will be delivered either by check or direct deposit to your bank account, depending on how you pay your insurance. Your insurance company handles payment, so don’t bother trying to call the state.
- 📆📆 When Will You Get It - Anytime now. The deadline for your insurance carrier to have sent you the refund is May 9, 2021. If you don’t have a check or deposit by the 15th, maybe it’s time to practice listening to hold music.
- ❓❓Is The Timing Sus? (If you don’t have pre-teens, that “sus” means “suspect”) Yes and no. There was a surplus that needed to be redistributed. And refunds are arriving at a time when gas prices are hurting us all. So, a bit of relief is needed. On the other hand, we all know voting season is coming, Big Gretch, and the law that made this surplus possible may still need to be fixed.
- 🚨🚨Does This Harm People In Care Now? No. As of June 2021, the MCCA catastrophic care fund still had more than $27 billion in assets.
🔥Bottom line:
Money is good. We all like a little bolster to the paycheck, particularly when it’s unexpected. We might see some legislation hashed out around what this means for insurance and catastrophic claims down the road, but for now let’s celebrate a win as a win.
Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
