With our country in the midst of an economic recession, many people are trying to cut corners wherever possible in order to stay financially afloat. Unfortunately, not all people make wise decisions about what to eliminate from their budget in these tough times.
A recent study from the Insurance Research Council (IRC) predicts that over the next two years, our country will see an increase in the number of uninsured drivers on the road. The study demonstrates that as the unemployment rate rises, many people out of work elect to drop their auto insurance coverage to save money.
According to the IRC, the percentage of drivers on the road without insurance coverage is expected to increase from 13.8% in 2007 to 16.1% in 2010. Currently, there are six states with uninsured motorist rates above 20%: New Mexico, Mississippi, Alabama, Oklahoma, Florida and Tennessee. By 2010, we should see several other states join this list.
There are several problems with this trend. First, it is illegal to drive a vehicle without proper insurance coverage. Second and more importantly, if you are involved in an accident, it is more likely than ever before that the other driver will not have auto insurance.
In light of this information, it is a good idea to contact your auto insurance company to make sure that you have uninsured motorist coverage on your policy. This coverage will help you reduce your risk of financial loss in the event that you are injured in an auto accident caused by an uninsured motorist.
Uninsured motorist coverage varies by state, so it is important to check with your insurance company to find out what coverage you are entitled to in your region. It is also important to always consult an experienced auto accident attorney when you have been injured in an accident by an uninsured motorist. Hiring proper representation will increase the likelihood that you will be able to collect the damages you deserve to cover your injuries and property damage.
If you have been injured in an auto accident in the Tulsa or Oklahoma City, Oklahoma area, please contact Carr & Carr Attorneys at Law today to schedule a consultation.
