You can find a lot of interesting data at the Insurance Information Institute. More than that, you can find a lot of useful information at the Insurance Information Institute. If you ever wanted to know how your premiums are determined, if you want any road safety statistics for Fond du Lac, Wisconsin, you can find all the relevant data on this website. But, a lot of that information is subject to change in the very near future.
Easing the Burden
Our changing statistics have a lot to do with the recent financial crunch this country is feeling at the moment. We see the first signs in areas like the stock market and jobs, but the domino effect reaches much farther than that.
For instance: Auto insurance.
We’re already seeing a number of people canceling their policies, so while the Insurance Information Institute suggests that we have just under 15% driving without insurance in Wisconsin, just within the range of the national average, it can be assumed that that number is already a little out of date. People who aren’t canceling their insurance outright may be reducing their coverage, meaning that the underinsured driver rate is rising, as well.
But this may be nothing compared to what we’re going to see in a few months, or a few weeks, or perhaps even by the time you read this.
Because so many people are canceling their policies, or considering doing so, many insurers are doing whatever they can to ease the financial burden. This will ultimately lessen the number of cancellations, but it also means that we’re going to see a big spike very soon all at once. Insurers are offering deferred payments, which may help to keep some people insured, but others may find when those accumulated bills come due, they simply can’t afford it, and they’re going to drop their policy.
Of course, this is not recommended. If need be, a driver may want to consider reducing their coverage, but driving without insurance is never worth the risk. Unfortunately, it’s a risk that many people are willing to take, and that creates a whole new risk that the rest off us need to manage.
Up until now, Wisconsin drivers could assume a roughly 85% chance that the other driver in an accident is going to be carrying insurance. It’s the law, and it’s not too hard for most of us to get good coverage at a reasonable rate. We buy insurance with this in mind. We carry uninsured and underinsured insurance, but if we’re going to beef up our policies, we probably spend that extra money on some other area of insurance. Unfortunately, that 85% rate of insured drivers is going to go down by quite a bit, and sooner than we might think.
It is difficult to determine precisely to what degree our uninsured motorist rate will rise in the state of Wisconsin, but it’s not going to stay under 15% for very much longer.
When buying insurance, we need to consider what the risks are. In the past, uninsured and underinsured motorists have been a moderate risk, but not nearly as severe as they are about to be in the coming months.
If you are looking to expand your insurance, or if you just have a few questions you’d like answered, get in touch with us at GOEBEL Insurance, and let’s see what we can do to keep you safe out on the streets and highways of Fond du Lac, Wisconsin.