Unfortunately, many of the people residing in the US have been affected negatively by the dip in the economy, leading to some very risky and unwise decisions like lowering or even cancelling automobile insurance coverage in order to gain some savings out of it.
The serious outcomes and implications following such decisions are often realized when the damage is done and the cost is unbearable.
The laws in some states are so strict that sometimes driving without verification of financial responsibility may lead to citations and can even cause the confiscation of vehicles. Some laws stretch to an extent where driving privileges or even vehicle registrations can be suspended. So overall these implications including fines and penalties cost much more than having coverage maintained and in effect.
Moreover, the person financing an automobile is required to have a “comprehensive and collision coverage” to his name in order to secure the vehicle from any physical damage or theft. Failing to maintain such coverage will lead to an enforced policy by the financing authority where the premium is much higher than what an individual usually pays, contributing much to the financial burden.
Hence cancelling on or lowering the cost of coverage is far too risky and expensive. A smart alternative to it would be finding some cheap auto insurance rates by comparing online quotes from a number of companies.
As is advised and guided by most government appointed consumer guides, comparison shopping to find the right insurer enhances the chances of finding affordable and reasonable premiums without the need to compromise on the preferred cover.
1 comments:
Yes so many people simply cancel or cut down the insurance policy because of financial problems. But the idea which you have shared to find some cheaper option online is absolutely smart one. Dropping a policy will not solve the problem it would rather increase the risk.
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