Title: Authorizes Reduced Car Insurance Options for Seniors
Vote to pass a bill that authorizes Michigan residents age 65 or older the option to choose a capped auto-insurance policy.
Authorizes insurance companies to offer individuals ages 65 and older 2 options for auto insurance coverage (Sec. 3109B):
Up to $50,000 for medical care related to a car accident; or
The already available unlimited benefits offered through the Michigan Catastrophic Claims Association (MCCA) for critical injuries in a car crash.
Requires the individual to complete a form that certifies their age and specifies which of the 2 options they want to select (Sec. 3109B).
Specifies that if they don't complete the form or make a selection, they will be considered to have selected the $50,000 maximum limit coverage option (Sec. 3109B).
Specifies that the $50,000 limit only applies to benefits payable because of an accidental bodily injury to the insured and his or her spouse (Sec. 3109B).
Specifies that personal protection insurance benefits are not payable for (Sec. 3107):
Charges for a hospital room in excess of a reasonable and customary charge unless the injured person requires special or intensive care; and
Funeral and burial expenses in excess of the amount set forth in the policy, which must not be less than $1,750 or more than $5,000.
Specifies that the premium charged to a member, the total car years of insurance, and the applicable average premium per car would have to be adjusted to provide for policies to which the maximum $50,000 limit is applied (Sec. 3109B).
Specifies that the Michigan Catastrophic Claims Association (MCCA) does not have any liability for a loss to which the maximum $50,000 limit is applied (Sec. 3109B).
Title: Authorizes Reduced Car Insurance Options for Seniors