INCOMING CASH
Checks worth $400 will be issued to residents in weeks – see if you qualify for the payments
CHECKS worth $400 will be issued to residents in weeks – here's how to check if you qualify for the relief payments.
Michigan Governor Gretchen Whitmer and Anita Fox, director of the state's Department of Insurance and Financial Services (DIFS), revealed the money will start being sent out in weeks.
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The announcement noted that the money will be distributed once a $3billion transfer of surplus funds to auto insurers across Michigan is completed, Local NBC and Fox affiliate reported
Following the money transfer, insurers will be given a deadline of 60 days to send out the $400 checks per vehicle to eligible drivers across the state.
In a Monday statement, Whitmer said: "These $400 refunds are game-changers for so many Michigan families.
"I called for these refunds because I am committed to lowering costs for Michiganders and putting money back in people’s pockets.
"They are possible because we worked across the aisle to pass bipartisan auto insurance reform, and we will keep working together to grow our economy and build a state where families can thrive."
Auto insurers will have up to May 9, 2022, to send out the checks to eligible Michigan residents.
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Fox said: "Our goal is to make sure that Michiganders understand the eligibility requirements and to help ensure that this money makes it into consumers’ pockets as quickly and securely as possible.
"DIFS stands ready to answer questions or help resolve any concerns that Michiganders may have regarding their refunds.”
Read our stimulus checks live blog for the latest updates on Covid-19 relief...
According to the Department of Insurance and Financial Services, which offers a on its website, eligible drivers will be getting the money in check form or through an ACH deposit.
Eligible drivers can expect to see the relief funds in the second quarter of 2022.
The department explains: "If you are eligible to receive a refund and do not receive your check by the deadline, contact your insurance company.
"If you have questions or concerns that cannot be resolved directly with your insurer, contact DIFS by calling Monday through Friday 8 am to 5 pm at 833-ASK-DIFS (833-275-3437) or emailing [email protected]."
Additionally, DIFS notes on its Frequently Asked Questions page that the refund will be "$400 per eligible car or motorcycle."
It adds: "For example, if you had auto insurance policies for two cars as of 11:59 p.m. on October 31, 2021, you will receive a refund of $800.
"The refund is $80 per historical vehicle."
Motorcycles and RVs are eligible for a refund as long as they have minimum insurance requirements.
Drivers do not have to apply to claim the checks as refunds will be issued by the state’s Department of Insurance and Financial Services automatically.
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According to the state of Michigan, it has 7.1million licensed drivers, over 1.6million of whom are age 65 or older.
Dani Pascarella is a Certified Financial Planner and the CEO and founder of the financial wellness platform, .
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