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Monday, September 12, 2011

Auto insurance one of the casualties of economic distress

An alarming story in today’s USA Today indicates that one in seven drivers is going without auto insurance, in spite of laws in most states requiring it.  Click here to see the story.

Implications:   This is proof that luxuries and extravagances aren’t the only thing being trimmed in the current economy. 

If you’re an insurance company, would an educational campaign make sense, whereby the consequences of driving without insurance could be explained?  Should you reach out to existing (insured) customers to suggest an upgrade in their protection against un-insured or under-insured drivers?  Might this be something that you could suggest to an insurance agency group, or local/regional/national trade association?  

Local/state governments, major trauma centers and even personal injury lawyers might consider a similar campaign… as each has a stake when it comes to deciding how injuries, property damages—or worse—might be paid for.

Meanwhile, I'm going to touch bases with my agent to make sure I'm protected against uninsured motorists.

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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