In today’s economy we are all looking for ways to answer financial challenges. Many of our responses to these challenges can also affect car insurance rates, both positively and negatively, and the choices others make can also affect you and me. A recently released survey by National Association of Insurance Commissioners (NAIC) shows that 53 percent of consumers have made a lifestyle change that could impact the cost of their car insurance.
The findings are not too surprising:
39% Taken public transportation more and/or drove less
16% Cancelled or reduced your auto insurance coverage
13% Gotten rid of a second vehicle
6% Traded in a vehicle for a lesser value car
4% Fallen behind on car payments
We all need to do what we can to balance our budget but sometimes there may be unintended consequences. Driving less can reduce the cost of your insurance since distance to work and frequency are one of the rating factors many insurance companies use to calculate your rate. And, of course, fewer cars to insure will almost always reduce how much you pay as will not needing comprehensive and collision coverage on your vehicles. But what about canceling or reducing your insurance coverage directly?
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