Any statistics, any polls or surveys or census data that you like to follow, any numbers that you like to cite, 2020 is flipping them on their heads. It’s not just the stock market. We’re seeing massive spikes and dips everywhere, from job numbers and peak internet activity times to population densities and traffic accidents. This is important because while some of these numbers may only exist in the abstract for most of us, some of them point to something that is going to have an immediate effect in our own daily lives.
As of Now…
As of the time of this writing (and that’s a phrase you’re probably getting used to hearing lately, given the dramatic shifts everyone is anticipating), Wisconsin typically sees a 14.3% rate of uninsured drivers, not counting underinsured drivers. This is according to the Insurance Information Institute. This data comes from 2014, but the number has generally remained steady year over year, so up until now, one could typically expect it to remain in the same 10-15% range.
In other words, there was always a risk of the other party not carrying insurance if you are involved in an accident, meaning that they might not be able to cover your losses. But at under 15%, it was a risk a lot of drivers were willing to take.
What Comes Next
At present, companies in all industries are working overtime to figure out how they can retain customer loyalty through an economic downturn. Americans are scrapping non-essential purchases and cutting expenses across the board in an attempt to, as they say, make a dollar out of fifteen cents.
Many companies that work on a monthly payment plan are trying to appeal to customers with deferred payments. That is, for the time being, you can put your bills off until later.
In theory this is a great idea and will be a big help to many American families. In practice, there might be just as many people who are willing and able to pay those bills when they come due as there are people who will simply cancel their account when they find that the bills have stacked up a little too high.
There are too many variables still up in the air to give a precise estimate, or even an educated guess, as to exactly how high that number will jump, but it will certainly jump.
You can’t be prepared for everything, but staying safe out on the highways and city streets of Oconomowoc means being prepared for, at the very least, the most common possibilities. In the past, uninsured and underinsured motorists were not a non-issue, but many drivers regarded them as a marginal threat. That’s about to change.
If you have any questions or you’re concerned that your auto insurance might not be able to provide the protection you need, get in touch with Long & Company. You can call or visit the website and get connected with what you need.