Michigan No Fault Insurance Reform is a bad idea. Not only will rates go back up, they always do, but those who are injured would be placed on Medicaid, a tax supported program to help the poor.
Insurance Company's in the 1970's purposed No Fault Insurance after the State of Michigan started selling auto insurance for $35.00 a year (PL-PD). The rate from the State was below Insurance company's rates and the State made millions in profits. No Fault was presented by the Insurance Industry as being affordable to the public and the State got out of the Insurance business, with profits.
Today Michigan insurance rates are one of the highest in the country. And the Insurance Industry blames those who can't afford the high cost; the 20% who don't buy insurance. If they, the 20% do buy insurance they still lose. No Fault began with you receiving $400.00 in damages to your car under PL-PD insurance. In today’s dollars you would need $2000.00 to equal that same $400.00. Now 40 years later you get $500.00 and that doesn't cover the cost to buy the insurance. You lose. And it makes no difference if you live in Oxford, Detroit, or anywhere else in the state.
Even Brooks Patterson, a strong Republican and Oakland County Manager, says that No Fault reform is a bad idea for the public.
Putting a cap on catastrophic insurance will put more money in the pockets of the Insurance Company's. And will help make you a dependent of the State.