With the economy slumping and job losses mounting, more and more people are dirving without car insurance. Acccording to a recent Wall Street Journal article, several hundred thousand drivers dropped their insurance in the past year as the jobless rate climbed, estimates a study to be released next month by the Insurance Research Council, an industry-funded group. Online agency Insurance.com says it also is seeing evidence recently of more uninsured motorists. It says that as many as 40% of callers following up on online applications had let their previous policies lapse, up from less than 10% a couple years ago.
What does this mean for Connecticut motorists? It is more important than ever to make sure that you are fully insured in the event that you are injured in a car collision by someone without or with little insurance coverage. This means that, at a minimum, ever motorist should have at least $300,000 in uninsured and underinsured motorists benefits coverage. For even better security, ever motorist should double his or her uninsured and underinsured coverage and obtain conversion. Conversion has been explained in an earlier personal injury blog post.