One of those cut backs is coming in the form of dropped car insurance policies.The number of drivers that are taking precisely that route is growing rapidly. Experts estimate that by 2010 as much as 16% of the nation's drivers will have dropped their car insurance policies-an all time high that's placing everyone at risk.
For drivers who don't have no-fault car insurance, this loss is particularly hazardous. Insurance companies assume that if their driver hasn't caused an accident they're off the hook when it comes to having to pay for it.
Since very few people have that kind of money lying around just waiting to be spent on car repair, car insurance providers are making it easy. For very little extra added onto their monthly premiums drivers can purchase uninsured motorist coverage. If they are involved in an accident with a driver who doesn't have car insurance, or whose coverage isn't sufficient to cover the damages they caused, their own insurance company will pick up the difference.
Low Cost Car Insurance - The Lesser Known Factors
Whenever you are out in the market searching for car insurance, then you need to know about the factors that help to reduce your car insurance cost. Of course, getting a cheap auto insurance quote is not easy as you will have to make some effort to research on the best insurance rates.
If you are really trying to get reduced car insurance rates, then you must utilize these lesser known factors.
1. Every year, insurance companies will have a list of cars printed with possible risk rates and the corresponding premiums. In principle, more economic and cheaper cars will be cheaper in insurance coverage, while some expensive cars such as 4 x 4 jeeps will have more expensive coverage.
2. Having fully installed seat belts and air bags will also help to reduce your insurance rates since your car will be safer to the driver and the passengers.
3) If you live in a neighborhood that is deemed as safe and crime free, that will also help you to get reduced rates since your car will have a less risk of theft as compared to other cars.
4. Use your car less in order to reduce your car insurance cost. Most insurance companies will calculate the average use of a car as 12000 miles per year.
5. Try to work with companies that offer both car and auto insurance at the same time. Hence, by doing both of these insurances with the same company, you will be able to get reduced car insurance cost.
Executive Summary about Car insurance by Anthony M. Peck and Nicholas Vernon
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