Are Michigan Drivers Really Getting Money Back In 2022 From Insurance?
Look. Don't play with our emotions and threaten us with a good time.
In a nutshell here is what we are to believe. The state government has worked on our behalf so Michigan drivers will get a refund of sorts (cashback) from surplus insurance funds. It'll be around $400. And we get it in 2022?!?
For some folks, that's a whole car payment they would be getting refunded back. Imagine what you and your family could do with an extra $400 in the budget?
Wait. What's the catch?
Are we being punked?
Big Gretch apparently got us some cash.
The Governor and a bunch of divisions and associations (that are known by a bunch of abbreviations and letters) have actually worked things out whereas we get a refund because of a surplus?
Gov. Gretchen Whitmer and the Michigan Department of Insurance and Financial Services (DIFS) announced on Tuesday that the Michigan Catastrophic Claims Association (MCCA) has acted upon the governor’s call to return surplus funds to Michigan policyholders and will begin the process of refunding $400 per vehicle to Michigan drivers immediately. (WILX)
$400 dollars PER VEHICLE? So how much money are they looking at to fund said refunds? According to sources, roughly about $3 BILLION.
And when do we get this money?
Drivers are expected to receive checks in the second quarter of 2022.
So why do we have to wait until the second quarter of the year and what do we have to do to get our money?
Eligible consumers do not need to take any action in order to receive a refund. The surplus funds will be turned over by the MCCA to the insurance companies operating in Michigan by March 9, 2022, and the insurers will be responsible for issuing checks to qualified policyholders. DIFS will direct insurers to issue refund checks to consumers as diligently as possible, but no later than 60 days after the transfer of funds. (WILX)