Recession Triggers More Uninsured Drivers
The tight economy is forcing many Americans to cancel or let their car insurance lapse – almost one in six drivers, according to a recent survey by the Insurance Research Council. Which means:
- If you're like many Americans, you're having trouble paying your auto insurance premium
- If you’re involved in an accident, there's a greater chance the other motorist will be an underinsured or uninsured driver.
What are the consequences?
Driving without auto insurance coverage can have serious financial implications. The price tag and headaches associated with a crumpled fender is one thing; adequate compensation for someone injured in the accident is quite another – with far-reaching and potentially devastating repercussions.
Also, it is often more expensive to buy insurance coverage once you have canceled it or let it lapse.
Finally, it’s illegal in many states to not have auto insurance coverage, with the consequences ranging from large fines to jail time.
So, help protect yourself – financially and legally – by staying adequately insured. Even if you’re in a financial bind, don’t cancel your coverage or let it lapse. There are ways to save on your auto insurance coverage.
Simple ways to save on auto insurance costs
- Shopping around – Most major insurance companies provide free online auto insurance quotes so you can quickly determine coverage that fits your needs.
- Discovering discounts – If you have your auto and homeowners insurance with the same provider, you may be entitled to a multi-policy discount. Insurance companies offer other discounts for things you might not even think about, so talk to your insurance agent.
- Driving defensively – Slow down, pay attention and obey traffic laws. Multiple traffic violations mean higher premiums.
- Getting an On Your Side® Review – Invite a Nationwide agent to assess your insurance needs. An On Your Side Review is free and helps you determine the best insurance coverage for your needs, goals and budget. Your Nationwide agent also can show you how to save on car insurance and other coverages.
A final word about insurance
If you’re able to maintain your current auto insurance, talk to your insurance provider about adding underinsured/uninsured driver coverage to your policy.
That’s right: Add coverage. It can help pay for such things automobile repairs, medical costs, lost income and damages if you’re involved in an accident with someone not as responsible as you.
