Gov. Granholm Wants to Freeze Michigan Auto Insurance Rates
According to the Insurance Journal, Mich. Governor Jennifer Granholm is asking for a year-long freeze in auto insurance rates. Michigan auto insurance is some of the most expensive in the country, and state legislators want the time to figure out reforms.
The Office of Financial and Insurance Regulation will have the ability to penalize any auto insurance companies that refuse to refrain from increasing premiums during the next 12 months, the Democrat says.
Michigan residents have been hard hit by this recession, especially those in the Detroit auto industry. This request will offer them a measure of relief.
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