Anyone who drives in Connecticut is required to obtain a certain amount of insurance. The purpose of this requirement is two-fold. First, if a driver causes an accident resulting in serious injuries, the driver may not be able to pay for the victim’s injuries. Insurance provides a source of compensation for the accident victim, even if the at-fault driver is insolvent.
The second reason for the auto-insurance requirement is for a motorist’s own protection in the event of an accident caused by an underinsured driver or a driver who has no insurance at all. In these cases, a motorist’s underinsured/uninsured protection will cover their injuries, up to the policy limit. However, even with uninsured motorist protection, there are some situations in which a motorist will not fully be able to recover compensation, due to the limits of their own policy. Conversion insurance can help motorists tap into the full value of their policy.
Conversion insurance, like underinsured motorist protection, provides coverage in the event of an accident involving an underinsured motorist. The benefit of conversion insurance, however, is that it is not reduced by payments received from other sources. For example, assume a motorist with a $200,000 insurance policy sustains $500,000 in injuries caused by another driver with an insurance policy maximum of $300,000. With traditional underinsured motorist protection, the accident victim will only receive $300,000 from the underinsured driver’s insurance policy. This is because the accident victim’s insurance policy only guarantees $200,000, regardless of the source. In this case, the accident victim received what he was promised– $200,000 – even though it was not from his own insurance policy. Thus, the accident victim’s claim under his own insurance policy would be for $0. This is because with traditional underinsured motorist insurance, the total recovery amount is reduced by funds received from any other source, in this case the other motorist’s insurance policy.
However, if the driver in the example above had conversion insurance, he would receive the $300,000 under the at-fault driver’s policy, as well as $200,000 under his own policy. This is because with conversion insurance, the total recovery amount under the policy is not reduced by compensation received from other sources.
Insurance issues are admittedly complicated, and anyone who has recently been involved in a Connecticut car accident should discuss their case with an experienced attorney to determine what they may be entitled to obtain.
Have You Been Injured in a Connecticut Car Accident?
If you or a loved one has recently been injured in a Connecticut car accident, you may be entitled to monetary compensation. Depending on the circumstances surrounding the accident, there may be more than one party responsible for your injuries, including multiple insurance companies. However, with additional insurance companies come additional complexities and often additional headaches. Brickley Law proudly represents accident victims in a wide range of personal injury cases, including complex car accident cases involving multiple parties and insurance companies, in New Canaan, Wilton, Norwalk, Darien, and all of Fairfield County, Connecticut. Attorney Brickley is not afraid to take on even the biggest insurance companies when seeking fair compensation for her clients, and if a fair settlement cannot be reached, she will not hesitate to take your case to trial. Call 203-599-3600 to schedule a free consultation with Attorney Brickley today.
See Additional Blog Posts:
What Is Insurance Policy Stacking and Can Connecticut Motorists Stack Multiple Policies?, Connecticut Injury Lawyer Blog, June 26, 2017.
What Happens When a Connecticut Driver is Uninsured or Underinsured?, Connecticut Injury lawyer Blog, June 15, 2017.