In an interview with Dow Jones reporter Lavonne Kuykendall, Insurance.com VP Sam Belden talks about a new consumer survey that shows how drivers are managing their car insurance policies during tough economic times.
About 25% of consumers surveyed planned to buy less coverage either by getting higher deductibles or lower limits of liability. The survey also noted that 32% of consumers are driving quite a bit less than they were 6 months ago, giving them the opportunity to qualify for low mileage discounts.
A separate study conducted by the Independent Insurance Agents & Brokers of America showed that 24% of homeowners were planning to cut coverage as well.
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