Economy has many rethinking insurance

This summer, saving money is chic. Americans are finding all sorts of creative ways to save money. But others are making far tougher choices that threaten to cost them far more than they save. Insurers don't release figures on how much their customers are reducing or ending their coverage. Five percent of homeowners surveyed said they had canceled or not renewed their homeowners insurance, as did 14 percent of renters. Some consumers aren't buying insurance for their vehicles at all ,although that's illegal. In 2007, the latest data available, about 13.6 percent of U.S. drivers were uninsured. That translates to almost 32 million uninsured vehicles on the road. Consumers can drop collision and/or comprehensive coverage on their vehicles, but if they are in accidents, they could end up paying more money out of pocket.

Source: Msnbc

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