Breakdown of No-Fault Vehicle Insurance
Breakdown of MI No-Fault car insurance
The required coverage in the Wolverine State is quite extensive and is intended to adequately cover motorists in the event of a traffic accident. Michigan’s no-fault policies are broken down into into three basic parts; Personal Injury Protection (PIP), Property Protection (PPI) and Residual Bodily Injury and Property Damage Liability Insurance (BI/PD).
Personal injury protection pays for all necessary medical costs for a policyholder caused in a traffic accident. This protection will also pay up to 85% of the income the insured would have earned if they had not been injured for up to three years at a maximum of $4878 per month and if the insured is killed in the accident the family will receive the income for the three years. The $4878 limit went into effect on 10/1/09 and is revised annually. Policyholders may also be entitled to $20 a day for services such as housekeeping and yard work.