I am wondering how many people are deciding on not insuring their cars because of the economy. I'm just guessing that things can get very bad.
wow :shock:
Total Comments: 20
Posted: Mon Feb 23, 2009 09:50 am Post Subject:
The economy is definitely affecting the budget of the people & hence no wonder if many decide to cut their insurance costs by dropping coverage on their vehicle. But, driving without insurance is a crime. This way you're not only risking other's life but may be putting yourself at graver financial trouble. You may end up loosing your driving privilege if found driving with out coverage.
Posted: Mon Feb 23, 2009 03:52 pm Post Subject:
I am wondering how many people are deciding on not insuring their cars because of the economy.
R u going to stop driving? nopp!! that's not possible.
Now to drive by law it is mandatory that you should have insurance cover.
You perfectly know what i mean to say....
it won't affect that big ...... this is the bottomline :wink:
Posted: Tue Feb 24, 2009 07:13 pm Post Subject:
I think one of the ways the economy is effecting insurance is alot of drivers are going down to the bare minimum coverage to save a few dollars a month. It can be very costly if you injure someone seriously but driving wothout insurance is worse than the above. Also many people that had multi vehicles around my area are either selling the extra ones or pulling them off the road and dropping hte insurance.
Posted: Tue Feb 24, 2009 09:10 pm Post Subject:
alot of drivers are going down to the bare minimum coverage to save a few dollars a month.
that's the perfect reply thanks fireyone. i haven't given a thought about it. surely so many drivers will choose the bare minimum plan but
it is OK to have bare minimum insurance plan rather than have no plan in force at all. :arrow:
Posted: Wed Feb 25, 2009 10:39 am Post Subject:
It would not be wise for us to think of getting only collision coverage, PIP or state min. for liability. In order to have the much needed peace of mind we'd always need to maintain UM/UIM coverage.
Posted: Wed Feb 25, 2009 06:01 pm Post Subject:
I totally agree. I was just stating how the economy can effect car insurance. I myself would not drop my coverage or lower it. Recently I was a victim of minimum insurance. I ended up with a lifelong disablility, loads of medical bills, and lifelong treaments that will lead to even more medical bills. Yes I am angry but what can I do? I just have to make sure if I hurt anyone I would never leave them in a mess like someone left me. I learned the hard way on how to cover yourself if something happens. I increased my own limits. Its never too late to learn I guess.
Posted: Fri Feb 27, 2009 04:23 am Post Subject:
Also many people that had multi vehicles around my area are either selling the extra ones or pulling them off the road and dropping hte insurance.
Pulling the vehicles off the road is going to help the budget of the owner? You still need to maintain the vehicle, right?
Posted: Fri Feb 27, 2009 11:02 pm Post Subject:
Chris,
This is a good question, because so many people are feeling the effects of the recession. I have had only a handful of policyholders decide to go without insurance, because, as the previous posters stated, it is illegal.
However, I am seeing more people choose to lower their limits, raise their deductibles, or go without some of the extras like our accident forgiveness plan. I am also seeing more people sign up for automatic drafts for their payments to get the discount and reduce their installment fees.
I asked the insurance consumers what options they were considering to lower their insurance costs without sacrificing value. One person said that he is paying in full to get the extra discount, but he staggered the effective dates of all of his policies so that they would not all come due at the same time. Instead of paying monthly installments to each of his policies, he is paying one policy in full in January, another one in full in April, etc.
I hope this helps!
Posted: Sat Feb 28, 2009 07:00 am Post Subject:
Pulling the vehicles off the road is going to help the budget of the owner? You still need to maintain the vehicle, right?
Yes, you are still required to maintain the vehicle. However, when you are not driving around, you can at least save on the liability coverage by dropping it. Also, if the car is sufficiently old you can discontinue with the expensive comprehensive coverage as well. Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard. Its also cheaper than the auto policies. However, it's absolutely illegal to drive around without coverage.
Posted: Sat Feb 28, 2009 12:38 pm Post Subject:
Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard.
hey this is really an interesting part.but i am confused for what reason the car owner should go for this insurance? Don't you think that this is just a waste of your money if you are no longer using that vehicle. i mean what are the advantages of the storage car policies. :wink:
Posted: Mon Feb 23, 2009 09:50 am Post Subject:
The economy is definitely affecting the budget of the people & hence no wonder if many decide to cut their insurance costs by dropping coverage on their vehicle. But, driving without insurance is a crime. This way you're not only risking other's life but may be putting yourself at graver financial trouble. You may end up loosing your driving privilege if found driving with out coverage.
Posted: Mon Feb 23, 2009 03:52 pm Post Subject:
I am wondering how many people are deciding on not insuring their cars because of the economy.
R u going to stop driving? nopp!! that's not possible.
Now to drive by law it is mandatory that you should have insurance cover.
You perfectly know what i mean to say....
it won't affect that big ...... this is the bottomline :wink:
Posted: Tue Feb 24, 2009 07:13 pm Post Subject:
I think one of the ways the economy is effecting insurance is alot of drivers are going down to the bare minimum coverage to save a few dollars a month. It can be very costly if you injure someone seriously but driving wothout insurance is worse than the above. Also many people that had multi vehicles around my area are either selling the extra ones or pulling them off the road and dropping hte insurance.
Posted: Tue Feb 24, 2009 09:10 pm Post Subject:
alot of drivers are going down to the bare minimum coverage to save a few dollars a month.
that's the perfect reply thanks fireyone. i haven't given a thought about it. surely so many drivers will choose the bare minimum plan but
it is OK to have bare minimum insurance plan rather than have no plan in force at all. :arrow:
Posted: Wed Feb 25, 2009 10:39 am Post Subject:
It would not be wise for us to think of getting only collision coverage, PIP or state min. for liability. In order to have the much needed peace of mind we'd always need to maintain UM/UIM coverage.
Posted: Wed Feb 25, 2009 06:01 pm Post Subject:
I totally agree. I was just stating how the economy can effect car insurance. I myself would not drop my coverage or lower it. Recently I was a victim of minimum insurance. I ended up with a lifelong disablility, loads of medical bills, and lifelong treaments that will lead to even more medical bills. Yes I am angry but what can I do? I just have to make sure if I hurt anyone I would never leave them in a mess like someone left me. I learned the hard way on how to cover yourself if something happens. I increased my own limits. Its never too late to learn I guess.
Posted: Fri Feb 27, 2009 04:23 am Post Subject:
Also many people that had multi vehicles around my area are either selling the extra ones or pulling them off the road and dropping hte insurance.
Pulling the vehicles off the road is going to help the budget of the owner? You still need to maintain the vehicle, right?
Posted: Fri Feb 27, 2009 11:02 pm Post Subject:
Chris,
This is a good question, because so many people are feeling the effects of the recession. I have had only a handful of policyholders decide to go without insurance, because, as the previous posters stated, it is illegal.
However, I am seeing more people choose to lower their limits, raise their deductibles, or go without some of the extras like our accident forgiveness plan. I am also seeing more people sign up for automatic drafts for their payments to get the discount and reduce their installment fees.
I asked the insurance consumers what options they were considering to lower their insurance costs without sacrificing value. One person said that he is paying in full to get the extra discount, but he staggered the effective dates of all of his policies so that they would not all come due at the same time. Instead of paying monthly installments to each of his policies, he is paying one policy in full in January, another one in full in April, etc.
I hope this helps!
Posted: Sat Feb 28, 2009 07:00 am Post Subject:
Pulling the vehicles off the road is going to help the budget of the owner? You still need to maintain the vehicle, right?
Yes, you are still required to maintain the vehicle. However, when you are not driving around, you can at least save on the liability coverage by dropping it. Also, if the car is sufficiently old you can discontinue with the expensive comprehensive coverage as well. Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard. Its also cheaper than the auto policies. However, it's absolutely illegal to drive around without coverage.
Posted: Sat Feb 28, 2009 12:38 pm Post Subject:
Some of the insurers offer storage car policies, which would keep the car covered when its sitting on your backyard.
hey this is really an interesting part.but i am confused for what reason the car owner should go for this insurance? Don't you think that this is just a waste of your money if you are no longer using that vehicle. i mean what are the advantages of the storage car policies. :wink:
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