Insurance Being Neglected in Poor Economy

Jun 21, 2011

With the U.S. economy still struggling to get back on its feet following the recent recession, consumers and businesses alike are making changes to their driving habits to get by. Business Fleet reported on a new study that shows some drivers have gotten desperate enough to cancel one of the most important automotive expenses:

 

Insurance Being Neglected in Poor Economy

In response to the current economy, nearly 20 percent of drivers on the road have reduced or canceled their car insurance coverage for immediate financial relief, according to a newly released survey from the National Association of Insurance Commissioners (NAIC).

The survey, conducted in April, also found that nearly 40 percent of respondents are driving less overall, opting to use public transportation more often, or both.

The NAIC comprises the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories.

 

Cutting insurance costs may seem like a good idea for those seeking financial help, but auto insurance is essential to maintaining a safe driving environment for all drivers. And not only that, it’s the law. Make sure your drivers stay insured and keep your personal vehicles insured as well. You never know what could be around the corner.

 

Photo courtesy of Adrian 8_8 and re-used under the Creative Commons license.