Many drivers wonder if it’s legal to use their cars without any insurance, and the answer is that it is possible to do so in many states, as long as those drivers also have a very large amount of cash. In Ohio, as long as you carry a form of proof of financial responsibility, you are legally allowed to drive without any car insurance. To do this, you must either make a deposit of at least $30,000 with the state treasurer, or you must purchase a bond worth at least…
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Data shows one in seven American drivers is uninsured, despite legal requirement
Regardless of the fact that almost every American state has an auto insurance requirement law, one in every seven drivers is still uninsured. This statistic was assembled by an industry group, which estimated that 13.8 percent of all drivers in the country do not have auto insurance. This number has risen since before the beginning of the economic downturn, as many people struggle to make ends meet and have allowed their coverage to lapse. Vice president David Corum, from the Insurance Research Council – which is an insurer-supported non-profit organization…
Read MoreOver 20 percent of drivers in Texas aren’t insured
In Texas, more than 1 in every 5 drivers does not have adequate auto insurance to comply with the laws within that state. According to a recent report by the Texas Department of Insurance, 21.6 percent of all of the drivers in the state were operating their vehicles while uninsured. Dallas County had the largest number of uninsured drivers among the most populated counties in the state, with 24.1 percent of its drivers lacking insurance. Bexar county followed closely behind with 22.9 percent of drivers being uninsured. In the entire…
Read MoreLouisiana drivers pay second highest premiums for car insurance now behind Michigan
According to an Insure.com Quadrant Information Services study, Michigan has now taken the place held by Louisiana last year, when it had the most expensive auto insurance premiums in the country. The average rate paid by Michigan drivers for their auto insurance is $2,541, while Louisiana’s average rate is $2,453 per year. The study data was used to determine the cheapest and most expensive insurance rates among the states. Amy Danise, the senior managing editor at Insure.com stated that this is the study’s second year, and that the website has…
Read MoreWonder why insurance premiums are going up instead of down during recession?
The rising price of oil and gas, the unemployment rates and the uncertainty of the economy; what do these things have in common? They can all affect the insurance industry and the rates you pay for your auto and homeowners coverage. Actuarial science is a field that uses math and statistics to assess risk in the financial and insurance industries. There is a professional group of people called actuaries that use actuarial science and apply it to property and casualty insurance risks. This group of experts has noticed a connection…
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