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What happens if the person who injures you in a car accident has no insurance. Unfortunately, our sagging economy affects whether drivers can afford insurance, and causes some to allow their personal automobile insurance to lapse. Consider the following:
About one in six drivers in the U.S. might be driving without insurance by 2010, according to a recent study.
The estimated percentage of uninsured motorists decreased to 13.8 percent in 2007 from 14.9 percent in 2003, but it’s expected to sharply increase because of the recession, the Malvern, Penn.-based Insurance Research Council reported Wednesday.
The council estimated the number of uninsured motorists by using a ratio of insurance claims made by people injured by uninsured drivers to claims by people injured by insured drivers.
An increase of 1 percent in the unemployment rate is associated with an increase of nearly three-quarters of a percent in the uninsured motorist rate, the council reported. The council expects the rate to rise from 13.8 percent in 2007 to 16.1 percent in 2010.
How do you protect yourself and your family from uninsured drivers? The answer is relatively simple. When you purchase or renew your personal automobile insurance policy, consider your uninsured/underinsured insurance limits. You should make sure that you have enough of this coverage to cover you and your loved ones in the event of an accident.
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Tags: Auto Insurance, Underinsured motorist coverage, uninsured motorist coverage
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