2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
Michigan’s mandatory no-fault automobile insurance system was replaced when the state implemented new regulations in July 2020. Under the new law, drivers now have a choice when selecting Personal Injury Protection (PIP) — or no-fault insurance.
Since Michigan’s no-fault car insurance law changed, commercial vehicle owners can opt into a different level of PIP coverage. PIP covers medical costs associated with auto accidents, as well as additional expenses that may include lost income, child care expenses and household services.
Additionally, business owners will also have to select a new Bodily Injury Liability Limit for their commercial auto policies. According to the new law, coverage defaults to $250,000/person and $500,000/accident — if your existing limit is lower. However, most commercial automobile insurance policies typically carry a minimum of $1,000,000 in bodily injury liability and/or umbrella insurance policies.
The mini tort, or limited property damage, limit also changed from $1,000 to $3,000, which enables an insured entity to collect money for uncovered physical vehicle damage from the driver that caused the damage.
As a commercial vehicle owner, it’s important to talk to a trusted auto insurance agent to review your business insurance policy in the context of the new law. Doeren Mayhew Insurance Group provides the guidance you need, whether you have cars, taxis, trucks or an entire vehicle fleet. Read their latest article to learn more about how the new Michigan car insurance law affects your commercial vehicles.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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