Travelers Urges Drivers to Review Insurance Coverage in Wake of Troubling Industry Report

Jan 28th, 2009 | By Hot News Reporter | Category: Insurance Today

(BUSINESS WIRE) – The Insurance Research Council (IRC) recently reported that by the year 2010, nearly one in six drivers across the United States will be driving without auto insurance. Travelers (NYSE: TRV) is reminding consumers that dropping auto insurance coverage is illegal in most every state and could mean financial disaster for families. The company suggests reviewing all insurance coverages to make sure you’re properly protected against uninsured motorists and use the opportunity to talk to an agent about smarter ways to save on insurance costs.

“Dropping auto insurance coverage should never be an option as a way to save money,” said William Pearse, vice president of product strategy and design for Travelers. “Not having auto coverage could mean financial ruin if you are in an accident where property is damaged or individuals are injured.”

The IRC report goes on to detail that there is a “strong correlation” between the unemployment rate and the number of uninsured drivers on the road. Now, it is more important than ever to maintain adequate protection in the event of an accident, including making sure you have adequate uninsured and underinsured motorist coverage.

There are many steps people can take to reduce insurance costs while properly protecting assets. For individuals looking for ways to save, Travelers suggests contacting an independent insurance agent for advice or following these simple steps:

Bundle insurance policies with the same company – Insuring your home and cars with one company can lead to discounts on both sets of coverage.

Check for Discounts – Driving a hybrid car, being a good student, and owning a car with certain anti-theft devices, air bags and anti-lock brakes can save you money with Travelers.*

Raise Deductibles – Switching to a higher deductible will save you money on your insurance premiums.

Nearly every state requires individuals to possess auto liability coverage and every state has laws in place regarding financial responsibility. Therefore, if a particular state does not require auto liability coverage by law, an individual must have the financial assets to pay all claims in the event of an accident.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading property casualty insurer selling primarily through independent agents and brokers. Travelers understands that life and business are inherently dynamic and that the best way to serve customers is to deliver insurance in-synch with evolving risks. The company’s diverse business lines offer its global customers a wide range of coverage in the auto, home and business settings. Travelers is a Fortune 100 company, with 2007 revenues of approximately $26 billion. The company has more than 33,000 employees. For more information on being in-synch, visit


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