April 23, 2009
Morningstar Sees Drivers Cutting Back On Coverage
Dow Jones reporter Lavonne Kuykendall talks about a new consumer survey that shows how drivers are managing their car insurance policies during tough economic times.
About 25% of consumers surveyed planned to buy less coverage either by getting higher deductibles or lower limits of liability. The survey also noted that 32% of consumers are driving quite a bit less than they were 6 months ago, giving them the opportunity to qualify for low mileage discounts.
A separate study conducted by the Independent Insurance Agents & Brokers of America showed that 24% of homeowners were planning to cut coverage as well.
Read more about economic trends and how to buy uninsured motorists coverage or read the entire article at Morningstar.com.