Feb 16
Rising Unemployment May Result In More Uninsured Drivers
A new study by the Insurance Research Council (IRC) indicates that there is a strong correlation between the percentage of uninsured motorists and the unemployment rate. Based on current unemployment rate projections, the IRC forecasts that the percentage of uninsured motorists will likely rise from 13.8 percent in 2007 (latest data available) to 16.1 percent in 2010.
According to the most recent data from the National Association of Insurance Commissioners, the average uninsured motorist coverage claim was $1,481 for property damage and $19,650 for bodily injury in 2005. The National Highway Traffic Safety Administration reported in 2008, that one in five of all pedestrian deaths were the result of a hit and run accident.
This is very disturbing information. But the bottom line is this: make sure you’re adequately insured.
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