Uninsured Drivers

Good morning, Nerders. It’s Tuesday, August 13th. In today’s newsletter, we cover:

• More people are driving without car insurance, and it’s making coverage more expensive for everyone else

• How do stocks perform during election years?

• What’s next for mortgage rates?

TODAY’S STORY

An increase in uninsured drivers is making car insurance coverage more expensive for everyone else.

When drivers drop their policies, it increases the burden for everyone else. In 2020, policyholders paid $16 billion for uninsured and underinsured coverage.

The percentage of uninsured drivers increased from ~11% in 2019 to 14% in 2022, and experts predict that this number will continue to climb.

Americans, 76% of which live paycheck to paycheck, are dropping their car insurance trying to make ends meet. High inflation disproportionately hurts low-income households.

According to Bankrate, the average annual cost of full-coverage car insurance has spiked to $2,278, up 12% from 2023.

DATA BYTES

• During Presidential election years, stocks averaged a gain of 2.8% in the 1st half and 9.3% in the 2nd half

• During Presidential election years, the S&P 500 index averaged a gain of 11.6% versus 10.0% across all years

Disclaimer: This is not investment advice. Past performance does not guarantee future results.

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#SHORTS

What’s next for mortgage rates?

@boringbusinesskieran

what’s next for mortgage rates? // make sure to follow me to keep up with the latest business stories and trends #business #mortgagerates ... See more

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To read the web version of previous stories, click here

If you have any comments or feedback, just respond to this email.

Thanks for reading,
Kieran & Justin Ryan