Anyone who lives in the D knows that car insurance rates are higher than the surrounding suburbs (over and above the State of Michigan being one of the most expensive states in the nation for auto insurance and Metro Detroiters paying 165% more than the national average).
One way to help out Detroiters (and make it more attractive to live in the city) is to bring down the cost of auto insurance. This was talked about in various speeches by Detroit Mayor Mike Duggan during the election, but until now, there haven’t been many updates. Duggan himself talked about how his rates jumped $3,000 a year for insurance when he moved into the city.
Now there’s movement. The Detroit City Council voted 8-0 yesterday to approve $75,000 for Pinnacle Actuarial Resources to study the feasibility of creating a city-sponsored insurance company. The study will provide the Duggan administration “with the necessary information to determine next steps in its efforts to bring down auto insurance rates for Detroiters.”
“The high cost of auto insurance has been one of the key reasons residents have been leaving the city for years. City Council’s unanimous vote today shows how committed we all are to offering Detroiters a more affordable alternative.” – Mayor Mike Duggan
In previous speeches, Duggan dubbed the program “D-Insurance.” If some sort of insurance solution can be found, this would be a way to directly improve the pocketbooks of Detroit residents.
