June 08, 2011

Study: More Drivers Canceling or Reducing Insurance Coverage

WASHINGTON - In response to the current economy, nearly 20 percent of drivers on the road have reduced or canceled their car insurance coverage for immediate financial relief, according to a newly released survey from the National Association of Insurance Commissioners (NAIC).

The survey, conducted in April, also found that nearly 40 percent of respondents are driving less overall, opting to use public transportation more often, or both.

The NAIC comprises the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories.