NY independent
Expert
- 88
We are seeing an alarming increase in the number of cancellations for non pay on both personal auto (big increase because of all of the rate increases) and homeowners, but many of the same people are buying/leasing expensive new cars (BMW especially, but new pickups too.. with lease /loan payments greater than $1K per month)). I'm talking about cancel/rewrite (sometimes with a lapse) every month for 2+ years. They complain that they can't make ends meet anymore. When they can't afford the insurance on the current vehicle and are having trouble paying for their HO insurance, why do people still make these expensive car purchases? It also makes me wonder why BMW, MB, Ford, Ram, etc approve loans/leases when folks have marginal credit scores and don't have the ability to make the payments. What am I missing?