Welcome to our video blog providing an update on the latest developments regarding auto insurance rates in Michigan as of April 2024. Contrary to expectations, rates have not seen a decrease this year; rather, they have continued to climb. In fact, many carriers are implementing even more significant rate increases compared to the previous year, adding to the financial burden for drivers across the state.
Last year’s concerns about rising insurance rates have persisted, with continued submissions and approvals for rate increases. This trend has led to substantial hikes in premiums, requiring increased diligence from insurance professionals to ensure clients receive the best possible deals. Instead of modest increases of 5 or 10 percent, some policyholders are now facing staggering jumps of 20, 30, or even 40 percent in their insurance costs.
Given the current landscape of escalating insurance rates, it becomes imperative for both insurers and policyholders to undertake thorough efforts in shopping around for the most competitive deals. Renewal processes now demand heightened attention to detail, with a focus on hunting down optimal coverage options amidst the challenging market conditions. Stay tuned for further updates and insights on navigating the evolving landscape of auto insurance in Michigan.
Our owner and founder, Pat Brennan, explains more. Check out the video below!
Update On the Michigan Auto Insurance Increase? – Entrust Insurance, St. Clair Shores
Video Transcription
“We were hoping going into this year rates were going to start coming back down. They’ve actually continued to increase and go up and probably seeing more significant increases through a number of carriers now than we even did last year. So we thought last year was bad, But rate submissions increases kept being submitted into the state and approved. So we’re actually seeing some pretty significant ones right now, which means we have to do even that much more work for each and every client. So when we’re going through our renewal process and we’re seeing. Instead of a 5 or 10 percent increase, a 20, 30, sometimes 40 percent increase, we’ve really got to make sure that we’re doing our job to shop, to quote, to hunt, to find the best deal.”
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