Troubled Times May Grow The Percentage Of Non-insured Drivers To Record Levels
Approximately 17% of drivers across the nation may be driving without insurance by 2010, these figures were compiled from research done by the Insurance Research Council. Although the estimated amount of uninsured drivers went down across the country from 14.9% in 2003 to 13.8% in 2007, the national financial crisis is expected to begin the rise in the number of non-insured drivers.
A recently published study, “Uninsured Motorists, 2008 Edition,” configures the amount of non-insured motorist nationwide and by state from 2005 to 2007. The Insurance Research Council derives the non-insured driving population using a formula calculated between insurance claims made by people who were hurt by non-insured motorists to those made by people who were hurt by insured motorists.
The research show recently obtained stats by state for bodily injury liability claims and non-insured drivers claim frequency and the ratio among bodily injury claims and non-insured drivers.
The severity of the non-insured driver situation varied greatly from state to state. In 2007, the biggest five non-insured motorist estimates by state were New Mexico 29%, Mississippi 28%, Alabama 26%, Oklahoma 24%, and Florida 23%. The five states with the lowest estimates of non-insured motorists were Massachusetts 1%, Maine 4&, North Dakota 5%, New York 5%, and Vermont 6%.
The data also showed a big correlation between the amount of people who are data shows if the unemployment rate increased to 1% it will correlate to an increase in the non-insured driver rate to more than 3/4 of 1%. Based on the projected unemployment rate figures, the percentage of non-insured drivers is expected to increase from 13.8% in 2007 to 16.1% in 2010.
“An increase in the number of uninsured motorists is an unfortunate consequence of the economic downturn and illustrates how virtually everyone is affected by recent economic developments,” said the Senior Vice President of the Insurance Research Council Elizabeth A. Sprinkel. “Responsible drivers who purchase insurance end up paying for injuries caused by uninsured drivers.”
The Insurance Research Council research studied data obtained from nine insurance companies, representing approximately 50% of the private passenger car insurance market nationally.
With all this happening it will be hard to get discount auto insurance because as non-insured motorist claims increase the premiums for current insureds will also go up. The best chance you will have to get inexpensive auto insurance is to try to get multiple free insurance quotes as possible and compare rates between companies.
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Many of the larger auto insurance providers seem to be ready and willing to offer their customers discounts on their insurance policies when they meet the right requirements. If you are looking to purchase your first auto insurance policy or maybe you’re just switching to a different one, then it might pay to research policy discounts. Look for the different discounts that are available with various providers and find those that will provide real money-saving benefits on your car insurance premiums.
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