Auto glass shops may be getting fewer customers with auto glass coverage. A recent study by a small insurer says consumers are “downgrading or canceling” their car insurance to save money.
According to Raleigh, North Carolina-based Guardian Service, 24% of Americans underinsured their homes or cars in the past year to save money for unexpected bills, unemployment or missed debt repayments. Guardian Service says consumers cut car insurance more frequently than any other insurance.
The study says about 15% of Americans reported downgrading their auto insurance, and 8% switched to “liability only” coverage, which doesn’t cover auto glass or collision repairs.
Guardian Service says the average monthly cost of car insurance is $189, a little more than the average monthly cost of home insurance, $169. Despite rising prices and willingness to cut coverage, Guardian Services says 77% of Americans still consider car insurance a necessity.
Good. That would be great news if everyone raised their comprehensive deductibles to $5000. Then, the foreign-owned fox guarding the henhouse can battle it out with us on a level playing field.