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Canceling or Reducing Auto Insurance May Be a Costly Decision
Failure to maintain required and necessary car insurance can have very expensive consequences.
RANCHO CUCAMONGA, CA, May 20, 2010 /Money PR News/ -- Unfortunately, many motorists may be feeling a financial crunch and may be leaning towards the decision of reducing or canceling their current car insurance in an attempt to lower monthly bills; making this choice can come with serious consequences and can prove to be more costly than paying to keep necessary coverage in effect. Consumers should know that there are alternatives to driving uninsured or underinsured.
Almost every state requires vehicles to be insured at all times in order to be operated legally and being caught driving an uninsured automobile may result in citations and even the impounding of vehicles. Certain states take these laws much more seriously and will suspend a person's driving privileges and vehicle registration in addition to fines which cannot be reinstated until proof of coverage is obtained; this can end up being far more expensive than the cost of auto insurance.
Citations and suspension of driving privileges are not the worst case scenarios for driving uninsured. Automobile coverage is designed to cover certain risks, whether it is for personal injury, injuries sustained by others or property damage caused by the policyholder. Causing an accident without protection against these risks in place can result in lawsuits and a huge financial burden.
Individuals looking for more affordable auto insurance may drop existing coverage from their policies such as "Comprehensive and Collision". Although this can reduce premiums it can be more costly if the vehicle is being financed; in most cases financial institutions will require protection on vehicles for physical damage and theft and reserve the right to place "forced" insurance if a borrower fails to comply which is generally much more expensive than policies obtained by consumers.
It is a much wiser decision to stay insured at all times by finding cheap auto insurance rates with a quote comparison and other ways to reduce premiums. For more information and helpful tips on maintaining coverage through tough economic times, visit http://www.insurance.oregon.gov/FAQs/maintaining-insurance-faqs.html, provided by the Department of Consumer and Business Services.
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