When it comes to liability insurance in Michigan, the cost of coverage can vary greatly depending on the type of coverage you select. The average yearly rate for $50K/$100K/$50K bodily injury/property damage coverage is $500, while the state minimum for liability only is $1,368. If you opt for the state minimum of $1,000 comprehensive/collision coverage, the average yearly rate is $2,107, and if you choose the state minimum of $500 comprehensive/collision coverage, the average yearly rate is $2,271.
It’s important to note that these are just averages and that your actual cost may be higher or lower depending on a variety of factors. Your age, driving record, and the type of vehicle you drive can all have an impact on the cost of your liability insurance. Additionally, the type of coverage you select can also affect the cost. If you opt for higher coverage limits, such as $100K/$300K/$100K bodily injury/property damage coverage, the cost of your insurance will likely be higher than the average rates listed above.
When shopping for liability insurance in Michigan, it’s important to compare quotes from multiple providers to ensure you’re getting the best rate. You can also save money by taking advantage of discounts such as those for good drivers, multi-policy holders, and those who have completed defensive driving courses.
In Michigan, it’s important to have adequate liability insurance coverage to protect yourself financially in the event of an accident. The cost of liability insurance can vary greatly depending on the type of coverage you select, so it’s important to compare quotes from multiple providers to ensure you’re getting the best rate. By taking advantage of discounts and comparing quotes, you can save money on your liability insurance and ensure you have the coverage you need.