CURE celebrates one 12 months in Michigan and success of no-fault reforms
Despite having expanded into the Michigan market only a year ago on July 01, CURE auto insurance is now stunning impressive numbers: boasting more than 30,000 Michigan drivers with millions of dollars in savings with the average savings per driver in excess of $1,000.
At the time when the State’s latest no-fault reforms had just taken effect, the insurer dared to project savings of up to 40% for Michigan drivers – numbers that have held true a year later. Celebrating CURE’s first year in Michigan, CEO Eric Poe said he had always been confident that CURE could make a difference in a state that had drivers paying the highest car insurance rates in the US.
Headquartered in Princeton, New Jersey, CURE was heralded as the “cure” for the auto insurance no-fault crisis in New Jersey when it was founded in 1990. Specializing in no-fault insurance markets, the company prides itself on passing up the need for agents.
“[Drivers] need to shop around and rely less on their agents who are paid a commission on what consumers pay for insurance,” Poe said. “The higher the rate, the more money the agent makes. At CURE, we do not use agents. That’s why Michiganders are flocking to our website. We are finding that 94% of drivers are selecting options under the new law with average savings of 40%, which reaffirms that the [no-fault] reforms are needed and working.”
Poe recalled one of CURE’s first policyholders in Michigan – a mother and son in Pontiac who previously paid $3,600 per year, and whose rate dropped to $1,820. The next was a 52-year-old manager who paid CURE 55% less than he had his previous car insurer.
“We could not be happier than what we’ve accomplished this past year and are even more excited about the difference we have made for thousands of Michigan families,” Poe said.