Here's why more Americans are choosing the risky option of driving without insurance: report

Auto insurers are passing on the rising cost of covering claims to their customers and an increasing number are deciding to forgo coverage as a result, a recent report by J.D. Powers said.

Soaring insurance costs have pushed more Americans to choose the risk of driving without insurance over falling into financial hardship, according to a recent report. Inflation and rising loss ratios have increased the amount of money that insurers are spending covering claims, according to the J.D. Power report. Insurers have spent 12% more on claims and other costs than all the dollars they collected in premiums in 2022.

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