Just like in the UK, Americans have been looking at ways to cut their expenditure in these difficult times and one of the biggest casualties has been that of car insurance.
Even in the USA, the number of uninsured motorists nationwide has doubled in the past 12 months from 10% to 20%, according to the online agency Insurance.com.
It should be acknowledged that everyone would like to save money on their insurance premiums, but no one wants to be financially out of pocket should the unexpected happen.
Car insurance exists because accidents happen, and rather than driving around completely uninsured, risking prosecution and points on your licence, consider reducing your liability coverage and drop to Third Party Fire and Theft, or even, Third Party Only.
Accepted, there will no longer be any cover for damage to your own vehicle in the event of an accident or cover for goods stolen from your car in the event of a break in, but this risk has got to be better than driving around uninsured.
Dropping your cover is a bit of a gamble but it’s a decision you may find yourself needing to make. You never know, financial recovery may arrive soon, whereupon you can reinstate your comprehensive cover again.
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