InsuranceQuotes.com has released the results of a recent survey they conducted regarding motorists. The company surveyed some 2,366 drivers aged 18 and older from across the nation and found that 16% of them have driven without insurance coverage. Nearly half of those drivers said that they only did so because they were unable to afford insurance coverage, citing the economic hardship as one of the primary factors for them being unable to cope with premiums.
An additional .2% of participants admitted to currently having no auto insurance coverage at all. The trend of rising insurance costs, not only in the auto industry but also in health and property coverage, has driven many to re-evaluate their priorities. Individuals have made significant changes to what they can and cannot afford and, unfortunately, insurance coverage is often the first thing on the chopping block.
The survey shows that men aged 18 to 34 are more likely to drive without insurance coverage than women of the same age group. However, motorists between the ages of 45 and 54 were found to be the highest demographic that has driven without insurance, accounting for 22% of participants in the survey.
24% of participants said that they were unable to renew their policies before expiration because of extenuating circumstances regarding their finances.
The study was conducted in February of this year.