National Financial Crisis May Increase Amount Of Non-Insured Drivers To Record Levels
http://www.websitecontent.com/National-Financial-Crisis-May-Increase-Amount-Of-Non-Insured-Drivers-To-Record-Levels/a8086_1
Joseph Wekusz
By Joseph Wekusz
Published on 01/28/2009
You will see the correlation between out troubled economy and the rate of non-insured drivers national and by State. You will also find how this phenomena will affect auto insurance rates for all of us in the United States.
National Financial Crisis May Increase Amount 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 nationally from 14.9% in 2003 to 13.8% in 2007, this recession is expected to set off a quick increase in the amount of non-insured drivers.
A recently published study, ˇ°Uninsured Motorists, 2008 Edition, suggests 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 the most current stats by state for bodily injury liability claims and non-insured drivers claim frequency and the ratio between bodily injury claims and non-insured drivers.
The severity of the non-insured driver problem varied greatly from state to state. In 2007, the highest 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 smallest 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 unemployed and the percent of non-insured drivers. The research shows if you increase in the unemployment rate 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.
ˇ°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. ˇ°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 vehicle insurance market in the nation.
With all this happening it will be hard to get discount auto insurance because as non-insured driver claims grow the costs 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 costs between companies.
A recently published study, ˇ°Uninsured Motorists, 2008 Edition, suggests 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 the most current stats by state for bodily injury liability claims and non-insured drivers claim frequency and the ratio between bodily injury claims and non-insured drivers.
The severity of the non-insured driver problem varied greatly from state to state. In 2007, the highest 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 smallest 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 unemployed and the percent of non-insured drivers. The research shows if you increase in the unemployment rate 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.
ˇ°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. ˇ°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 vehicle insurance market in the nation.
With all this happening it will be hard to get discount auto insurance because as non-insured driver claims grow the costs 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 costs between companies.