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Millions in tax revenue lost due to high uninsured ratePosted On Mon, January 14, 2013
Though the internet and insurance quotes have made it easier for motorists to find affordable insurance rates, a new report indicates that some drivers are opting to avoid the coverage shopping process altogether.
According to a recent state analysis from the Oklahoma Insurance Department, the state is losing approximately $8.9 million in premium tax rates due to many people who are not getting insurance coverage as they're required to under the law.
John Doak, commissioner of the ODI, indicated that people who fail to get coverage are not only putting the lives of others at risk, but they're robbing worthy causes of significant sources of revenue.
"When people break the law, and don't pay their fair share, it hurts all of us," said Doak. "Half of that money would go into the General Revenue Fund, helping schools, social services and other vital programs."
He added that the other half would go toward building public service employees' pension plans, such as firefighters and police officers.
This shouldn't suggest that Oklahoma is the only state where the rate of uninsured has posed an issue. Industry statistics say that approximately one in every seven drivers does not have auto insurance coverage.
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