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Pursuant to Public Act 3 of 2001 (“Public Act 3”), beginning July 1, 2002, the insurance companies retention in a given loss occurrence will depend upon the date the motor vehicle accident policy covering the loss was “issued” or “renewed”.
“Retention” is the dollar amount the insurance company must bear before the MCCA begins to make reimbursement.
Pursuant to Public Act 3 of 2001 (“Public Act 3”), beginning July 1, 2002, the insurance companies retention in a given loss occurrence will depend upon the date the motor vehicle accident policy covering the loss was “issued” or “renewed”.
“Retention” is the dollar amount the insurance company must bear before the MCCA begins to make reimbursement.
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Retention Level Schedule
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Motor vehicle accident policy issued or renewed before July 1, 2002
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$250,000
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For a policy issued or renewed July 1, 2002 through June 30, 2003
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$300,000
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For a policy issued or renewed July 1, 2003 through June 30, 2004
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$325,000
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For a policy issued or renewed July 1, 2004 through June 30, 2005
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$350,000
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For a policy issued or renewed July 1, 2005 through June 30, 2006
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$375,000
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For a policy issued or renewed July 1, 2006 through June 30, 2007
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$400,000
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For a policy issued or renewed July 1, 2007 through June 30, 2008
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$420,000
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For a policy issued or renewed July 1, 2008 through June 30, 2009
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$440,000
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For a policy issued or renewed July 1, 2009 through June 30, 2010
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$460,000
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For a policy issued or renewed July 1, 2010 through June 30, 2011
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$480,000
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For a policy issued or renewed July 1, 2011 through June 30, 2013
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$500,000
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For a motor vehicle accident policy issued or renewed during the period July 1, 2011 to June 30, 2013, $500,000.00. Beginning July 1, 2013, this $500,000.00 amount shall be increased biennially on July 1 of each odd-numbered year, for policies issued or renewed before July 1 of the following odd-numbered year, by the lesser of 6% or the consumer price index, and rounded to the nearest $5,000.00. This biennial adjustment shall be calculated by the Association by January 1 of the year of its July 1 effective date.
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Motor vehicle accident policy issued or renewed before July 1, 2002
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$250,000
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For a policy issued or renewed July 1, 2002 through June 30, 2003
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$300,000
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For a policy issued or renewed July 1, 2003 through June 30, 2004
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$325,000
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For a policy issued or renewed July 1, 2004 through June 30, 2005
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$350,000
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For a policy issued or renewed July 1, 2005 through June 30, 2006
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$375,000
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For a policy issued or renewed July 1, 2006 through June 30, 2007
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$400,000
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For a policy issued or renewed July 1, 2007 through June 30, 2008
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$420,000
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For a policy issued or renewed July 1, 2008 through June 30, 2009
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$440,000
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For a policy issued or renewed July 1, 2009 through June 30, 2010
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$460,000
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For a policy issued or renewed July 1, 2010 through June 30, 2011
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$480,000
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For a policy issued or renewed July 1, 2011 through June 30, 2013
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$500,000
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For a motor vehicle accident policy issued or renewed during the period July 1, 2011 to June 30, 2013, $500,000.00. Beginning July 1, 2013, this $500,000.00 amount shall be increased biennially on July 1 of each odd-numbered year, for policies issued or renewed before July 1 of the following odd-numbered year, by the lesser of 6% or the consumer price index, and rounded to the nearest $5,000.00. This biennial adjustment shall be calculated by the Association by January 1 of the year of its July 1 effective date.
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