New auto insurance changes are expected to affect the limousine business

New auto insurance changes are expected to affect the limousine business

“The new auto reform law had a lot of great benefits, but one sector that it hurt were companies like limo businesses,” said Kurt Leuter, Leuter Insurance Group. “Insurance companies have come into Michigan and they don’t want to mess with this new law because it’s putting all the burden back on the limo drivers and it could cost them hundreds of thousands of dollars if there is an accident. Reitz and his insurance company blame the higher rates on Michigan’s new auto insurance law. “If we’re all riding in a limo, it all comes under limo’s policy.”  

But as Reitz provides transportation for weddings, proms, and other events his transportation business is running into some obstacles with his insurance.   Michigan native and retired NHL player Erik Reitz used to live his life on the ice, but now he’s found a new passion as the owner of Rockstarz Limousines. Now he may have to move his company out of state looking at steep rate increases.

“Right now I pay about $110,000 per year for 10 vehicles and that’s going to increase probably four or five times,” he said. Auto insurance changes put the squeeze on limo services with huge rate hike

“Please contact us because we can only act on individual circumstances,” said Director Anita Fox. “When those issues arise, we need the public to come to us, so we can see what’s going on with those rates.” Former NHL player Erik Reitz, President, Rockstarz Limousines But the Michigan Department of Insurance and Financial Services says there is help for these business owners.

“It would be nice if we could get some competition because right now most people have to go through the state pool which is four to five times higher than the standard market,” he said.   Leuter says he believes the remedy is simple – competition.

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