Roswold Law Group Blog

Is It Time To Increase Your Auto Insurance Coverage?

A recent study by the Insurance Research Council estimates that the economic downturn will trigger a sharp rise in the uninsured motorist rate.

According to the study, about one in seven drivers on a nationwide basis may be without auto insurance. On a state by state basis, it is estimated that about one in seven drivers in Missouri are without auto insurance and in Kansas, about one in ten drivers might be uninsured.

Not surprisingly, the IRC report found a strong relationship between the unemployment rate and the percentage of uninsured motorists. Statistically, an increase in the unemployment rate of one percentage point was found to cause an  increase in the uninsured motorist rate of approximately three-quarters of a percentage point.

In light of this trend, it is important that we all reassess our insurance needs in order to be certain that we are protected as fully as possible.