Imagine if someone in your family were seriously injured in a motor vehicle accident or suffered a wrongful death, and the responsible driver was un-insurance or had minimum limits of insurance coverage. The fact that your loved one was seriously injured would be devastating. Finding out that there is little or no insurance to properly compensate that person for their injuries would be catastrophic.
In Connecticut, drivers are only required to carry minimum limits of motor vehicle liability insurance coverage of $20,000 per injured party in each accident up to a total of $40,000 for all injured parties in the same accident.
In this present economy where people are always looking for ways to save money, people when they obtain motor vehicle insurance, generally look no further than what the premium will be in order to determine what type of liability coverage to buy. Therefore, a great number of people purchase the minimum limits of liability coverage. Even worse is the fact that many people choose to operate a motor vehicle without any insurance coverage at all.
So how can you can protect yourself and your family, if you’re involved in an accident who where you are seriously injured, and the other driver who caused the accident, either doesn’t have any insurance or who has insufficient liability coverage to compensate you adequately for your injuries? You can purchase, as part of your own insurance coverage, uninsured /underinsured motorist protection on your own motor vehicle insurance policy.
This type of insurance coverage called uninsured or underinsurance—UM/UIM, as it is frequently called—pays for injuries to you, your passengers, and family members who are injured by another driver who is at fault but who doesn’t carry any liability coverage (an uninsured motorist, or UM) or doesn’t have sufficient insurance coverage to pay for all of your losses (an underinsured motorist, or UIM).
This relatively inexpensive insurance coverage is like buying insurance coverage on all other drivers on the road. You should immediately speak with your insurance agent about greatly increasing your UM/UIM insurance coverage.
There are two basic types of UM/UIM coverage: straight coverage and conversion coverage. Straight UM/UIM coverage allows you to access this coverage only if your UIM coverage is greater than the insurance coverage carried by the at-fault driver. Conversion coverage allows you to access your UIM coverage regardless of the at-fault driver’s insurance coverage. It is strongly recommended that you purchase high limits of conversion UM/UIM insurance.
We strongly recommend that you carry at least $500,000 of UM/ UIM conversion coverage, if not more. You should have UM/UIM limits equal to your liability insurance coverage, and you should never reduce your UM/UIM limits below your liability limits. Again, you may be surprised to learn how little this additional coverage will cost you.
You should also obtain an umbrella or excess liability policy of at least $1,000,000, if not more.
It is important that you speak with your insurance agent as soon as possible so you can review and increase your coverage so that you and your family are properly protected. A serious accident and life altering injuries affect your physical, mental and emotional health but could also bankrupt and/or ruin you financially. Make sure you take the needed steps to safeguard your family’s financial health.
Our firm has decades of experience in representing seriously injured parties and their families and have a great deal of experience in handling underinsured and un-insured motorist cases. Contact us today to a FREE consultation. We will even provide you with our FREE book at no obligation. Call us at 888.842.8466 or visit us at www.hcwlaw.com.