American Express ran an advertising campaign that ended each commercial with, “The American Express Card, don’t leave home without it”. Now, there is a new report that has been issued by the US Census Bureau, that indicates that Virginians are doing the exact oppositie with their car insurance; They are leaving home without it.
According to estimates released on Tuesday (Pilot article), the number of uninsured adults under the age of 65, has increased; And, in Tidewater,the Census estimates that the increase in uninsured drivers has grown more than 10% between 2008 and 2009. In college towns, the estimated uninsured that are driving automobiles, could be has high as 1/4 of all drivers.
In tough economic times, people make hard choices. We have heard politicians repeat stories that include breaking up medicine, to take half a pill, because the medication costs too much. Dentists tell me that getting teeth cleaned, has taken low priority. McDonald’s is thriving, while other restaurants report their sales to be way down.
Fast Food eating is up because it is hard to eat for less than a dollar, even at home. That’s a whole different blog there,to discuss fast food. Just for reference, if you watch the movie “Food Inc.” , it may influence whether you stop for that quick meal on the way home.
All these personal cut backs normally only impact the person making those choices. Auto insurance is different. I have done some previous blogs on stepping up your insurance, but this is a good reminder blog, now with these Census statistics just out. I’m guessing that this isn’t a surprise, though.
Over the course of a few years, and certainly within the last few months, I have received calls from people with significant injuries from car crashes. They can’t understand why, with their injuries, that the insurance company is only offering 25K. Regularly, I tell them that 25K is the only available coverage and that the person that hit them, probably has no assets. “But what about my bills and injuries?’ they say. “That doesn’t even cover my bills.”
When you look at drivers around you in traffic, you are probably seeing several uninsured drivers. Car insurance is not considered a survival expense. Unless they get “pulled” for some traffic offense, they are playing the odds that no insurance and no insurance card just doesn’t matter. Again, I hope you will call your insurance agent today and step up your uninsured /underinsured coverage. Protect your personal assets in claims against you, and protect yourself from the uninsured.