The next time you hear that crunching sound of metal when you are in your car, you might want to say a little prayer and hope the destructive party has insurance. Apparently, as unemployment rates rise, so do the number of motorists who let their automobile insurance policies lapse.
It does makes sense right? The Insurance Research Council recently released a study that based the prediction on national data that shows the percentage of uninsured motorists tends to increase right along with the unemployment rate. New Hampshire, one of the few states that does not require drivers to carry insurance, saw its unemployment climb to 4.6 percent in December, up from a year earlier.
What we need to remember is that in New Hampshire, an insurance company cannot legally deny coverage unless the person is not a NH resident or is not legally permitted to drive. This really means that you cannot be denied coverage if your income is low or if your credit is toast. In this climate, those folks who are struggling are making decisions everyday between medicine, rent, food and other essential living needs. Insurance is going to be a low priority - which could ultimately affect all of us. Good article from the Nashua Telegraph...
http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=2009302029936
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During the week of Christmas, a young driver went through a four-way stop sign hitting my husband's vehicle. His reaction was apologetic. "Man, it was my fault. I didn't see the sign." As my husband waited for the police to arrive, they talked. The 19-year old had just been laid off and was on his way to apply for a seasonal position at Target. He had let his insurance lapse when his company starting laying off staff during the summer. By the end of the conversation, my husband was feeling overwhelmed for him! Ultimately, the cost to repair the truck was over $9,000. The young man couldn't even afford to have his own car towed. It remained in our neighbor's drive for three weeks. OUr hearts broke for the poor guy...just a kid, really.
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