Michigan Car Insurance Companies


Michigan with blue backgroundFinding the right company to provide automobile coverage can be a hard choice due the many insurers competing for business in the Wolverine State. According to the Michigan Department of Energy, Labor & Economic Growth, there are approximately 65 auto insurance companies licensed to issue policies in MI. Each carrier is likely to charge a different rate for different products, therefore individuals should get quotes from as many insurers as possible to locate the company that is the best fit.

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Choosing a MI Car Insurance Company

Before a consumer can find the right company the first step to take is to determine the amount of protection that is needed. The state already mandates quite an extensive amount of minimum MI auto insurance coverage, but some may be in need of additional options. Aside from state requirements, individuals must decide if it would be beneficial to obtain add-ons such as comprehensive and collision and uninsured/underinsured motorist.

Once motorists have decided on what type of coverage plan would best cover necessary risks, an individual will need to obtain and compare quotes from as many car insurance companies as possible in order to locate a carrier that can provide the desired product at the most affordable price. Depending on the applicant, the rates that each insurer will charge can vary, but due to the number of providers in the state, there is the matter of competition which makes it possible for consumers to find the cheapest carrier for them particularly.

Choosing a provider that is the lowest priced is not always the best option and consumers should be careful, especially when a quote looks to be too cheap. It is wise to check with the state department of insurance to ensure that the carrier is licensed prior to exchanging money for a policy. It may also be a good idea to check a company's complaint ratio. MI keeps a record of complaints received on carriers and a resident can obtain this information which can help a driver steer clear of insurers with a high number of complaints; this generally means poor customer satisfaction.
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Lastly, Michigan's residents may want to look into the financial stability of the insurer that they are considering to purchase auto insurance coverage from. Many are unaware of what type of shape a carrier is in financially and this can pose a problem when it is time to file a claim. A carrier that is struggling financially may have difficulty paying out on claims when obligated to do so, but fortunately for consumers, there are various rating agencies that evaluate and grade providers based on financial strength. Individuals can access this information free of charge to help them avoid becoming insured with such a carrier. Covering these bases can lead to obtaining coverage from a company that is affordable and reliable.