Many people grumble when having to pay for something that they aren't using and feel they will never use. And understandably so. But what is it, exactly, and how many people actually get severely injured in auto accidents? We're going to delve into these burning questions.
The MCCA was established in 1978 and is funded by an annual premium assessment to each automobile and motorcycle policy written in Michigan. At this writing, the fee is $192 per vehicle/motorcycle per year. The MCCA is required to assess an amount each year that is sufficient to cover the lifetime claims of all persons catastrophically injured in that year and in addition, may adjust future assessments for excesses or deficiencies in prior assessments. Before the MCCA can be used by an individual, the member retention level must be obtained. At this writing, this level is $555,000 which must be either paid by the insureds own medical insurance carrier or paid by the medical portion of their auto policy.
Click on this link to see the age summary of those that are catastrophically injured in vehicle accidents.