Ken Haddad, Digital Content Manager We've received a lot of questions about refund checks, so here's a summary of the most common answers. A refund check or ACH deposit will be issued to eligible Michigan policyholders. If you qualify for a refund, your insurance company will send it to you and you won't have to do anything to receive it. All qualifying vehicles are eligible for reimbursement regardless of the level of medical coverage (PIP) chosen in the policy.
Your insurance company will send your refund by check or ACH deposit to your registered address or bank account. To avoid delays in obtaining your refund, if you have moved, you should contact your insurance company to make sure that you have your information up to date. MCCA refunds are generally not taxable for most Michiganders. People who have deducted their auto insurance premiums as a business expense may need to include all or part of this refund as income on their tax returns.
Consult your insurance agent or tax professional if you have questions about your specific circumstance. More DIFS FAQs can be found here. The state said that eligible consumers who don't receive refunds should contact their insurance company or auto agent. Those who are unable to resolve their questions or concerns can contact the state Department of Insurance and Financial Services.
Gretchen Whitmer ordered the Michigan Department of Insurance and Financial Services to issue a bulletin to insurers about the schedule and other requirements for reimbursement. The state published a list of frequently asked questions on its website, answering questions about who is eligible, how to get the check and much more. Check out some of the questions and answers below. Do I have to do anything to get my check? When and how will I receive my refund? Are motorcycles and recreational vehicles eligible? What does reimbursement mean for people receiving care for injuries caused by car accidents? But, while it seems simple enough, there are a few things to keep in mind.
Below are the most common questions about refunds that everyone should know. The refund check or an ACH deposit will be issued automatically. So, unlike your taxes (which are due in just over a month), you don't have to do anything. Move on with your life, check your bank account from time to time and your mailbox every day, and get a refund when it arrives.
However, the money doesn't come from Michigan, but from your auto insurance company. If you don't receive it within 60 days (no later than May 9), you should contact your insurer. Cars and trucks are the most obvious. But so are caravans and motorcycles.
As long as everyone was insured by the end of October, they are eligible. If you kept a car and only had comprehensive coverage, you're not eligible either. While the reforms allowed drivers to pay less for reduced coverage related to personal injury protection, selecting one of the available options, in addition to the “unlimited” one, will not affect the amount of the reimbursement. Reimbursement does not affect the care to which car accident survivors are entitled.
If you own a car and are insured in Michigan, you are entitled to a check or an ACH deposit. It doesn't matter if you have an outstanding balance with your insurance company; the company must pay you the money. If you changed insurance companies after October 1.If you don't receive your refund by May 9, don't contact your new insurer; call your old insurer and find out what's happening. This is going to be a little complicated.
Generally speaking, the refund is NOT taxable. However, people who have deducted their insurance premiums as business expenses may need to include all or part of this reimbursement as income.