Here are a couple reasons NOT to consider MEEMIC if you’re shopping for auto insurance
Here’s the thing about MEEMIC. There’s nothing about the way MEEMIC insurance company treats its own customers after serious car accidents that’s particularly good in our opinion as injury attorneys who litigate these cases against insurance companies. But there’s nothing that’s particularly bad either. MEEMIC rates a “Meh” in our Attorneys’ Guide to the Best and Worst Auto Insurance Companies.
That’s why I created a section in the guide called “For your consideration.” It sounded better than calling the section “The Meh Insurers.” But more importantly, this way, our lawyers can provide you with the facts we considered in rating various auto insurance companies and then you can be the judge on whether MEEMIC is worthy of your premium dollars.
Our full guide includes more information on each insurer and tips on how to choose the insurance company that’s right for you and your family. You can order a hard copy of the guide or download it for your Smartphone.
MEEMIC primarily supplies insurance to teachers and other educational employees in Michigan. Here are the reasons MEEMIC Insurance Company made our “For Your Consideration” list of auto insurance companies for 2015:
- Complaints from Michigan consumers have increased. Consumer complaints against MEEMIC Insurance Company increased 25% between 2007 and 2013, according to data gathered by the Michigan Department of Insurance and Financial Services (DIFS). As an auto attorney, that’s one of the most important things I evaluate. It’s an early indicator of changes being implemented from the top of how people who get hurt in motor vehicle accidents and who have claims are being treated.
- MEEMIC pays the second-lowest percentage of premiums on claims. Among Michigan’s largest auto insurers, MEEMIC paid the second-lowest percentage of its premium dollars in claims for its auto-insurance customers, according to loss ratio data gathered by the Michigan Department of Insurance and Financial Services (DIFS). For instance, for every premium dollar Frankenmuth Mutual receives from Michigan drivers, it pays out approximately $.50 in auto accident claims submitted by its auto-insurance customers. This is just as important as complaints. Ideally, you want to see that ratio closer to $.80 on the dollar (think of the Affordable Car Acts’s 80/20 rule).
Given the facts that customers are complaining and MEEMIC isn’t paying out a high amount of the premium dollars it’s collecting from its own customers, you might want to think twice about purchasing car insurance from this company.
So why, based upon the complaints and the low claim percentage payout, did MEEMIC only rate a “Meh” and not a “Worst” insurance company? Believe it or not, there are a lot worse out there than MEEMIC.
Our lawyers would like to hear from you, our valued teachers and educational employees. What’s your customer experience with MEEMIC been like? And how has MEEMIC treated you after a car accident, when you were making a claim for No Fault PIP (Personal Injury Protection) benefits after a car wreck?