Michigan SB0328 mandates a 10% reduction in auto insurance premiums for new policies and first renewals.

Michigan SB0328 amends the state's insurance laws by requiring a 10% reduction in total premiums for new auto insurance policies and the first renewal of existing policies. This reduction applies to premiums calculated from rates filed and approved under the existing insurance chapter. The bill does not allow insurers to reduce any coverage requested by the insured.

Michigan SB0328 mandates a 10% reduction in auto insurance premiums for new policies and first renewals.

Michigan SB0328 amends the state's insurance laws by requiring a 10% reduction in total premiums for new auto insurance policies and the first renewal of existing policies. This reduction applies to premiums calculated from rates filed and approved under the existing insurance chapter. The bill does not allow insurers to reduce any coverage requested by the insured.