We certainly hope people don’t cancel or reduce their car insurance policies. Florida has the highest number of uninsured drivers than any other state. With 26.7% of all drivers not carrying insurance, Florida is already one of the riskiest places to drive.
If we go into a significant financial recession because of the coronavirus pandemic, then people may stop paying or reducing their insurance premiums. This could be catastrophic. Being injured in an accident caused by someone without insurance means there will not be any money to recover on your behalf.
For this reason, we strongly advise everyone to have at least 100K, and preferably 300K or more, of uninsured motorist (UM) coverage, on your own policy. This type of policy covers you if someone else isn’t carrying sufficient insurance. Check out our blog on uninsured motorist coverage to learn more.