Auto Insurance Rates Up 8 percent

Last year, auto insurance rates rose by about 8 percent on average. No one needs an increase in auto insurance premiums while the economy is so bad, but that is the reality. As a result there are 4 times as many people not renewing their auto insurance policies.

Non renewal of auto insurance policies in response to mounting economic pressure is the worst possible move, since not having auto insurance could lead to serious legal and financial complications. Being underinsured by reducing auto insurance coverage too low is still a recipe for disaster if you are involved in a major auto insurance accident.

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