The Wall Street Journal has reported that more drivers are letting their car insurance lapse because of the sour economy, putting themselves and others at risk. A slumping economy is putting more uninsured drivers on the road. Here's how to protect yourself:

The trend is bad news for everybody on the road. If you're hit by an uninsured motorist, you may have to sue to recover costs, and many uninsured motorists have few assets. Although Uninsured Motorist Coverage is mandatory in New York, I see too many people purchase the minimum amount of $ 25,000/$ 50,000 because they think that raising these limits will be too costly.  I can't impress on you enough what a big mistake it is for you to buy just minimum UM coverage.

Amazingly, even in times of prosperity, many New Yorkers drive without insurance. The Insurance Research Council's previous study, released in 2006, found that nearly 15% of drivers nationally were uninsured in 2004, up from about 13% in 1999.

Possibly adding to the problem is the fact that auto-insurance rates are rising again after a couple of years of flat or declining premiums. Premiums nationally rose 3.8% in November from a year ago, according to the Labor Department's consumer price index.

"A good proportion of people on the road are either uninsured or underinsured, and so you have to protect yourself," said Robert Hartwig, president of the Insurance Information Institute, a nonprofit group. "Your odds of being in an accident with an uninsured driver are substantial."  Check out the I.I.I.'s website here for more information.

About 20 states, including New York, require drivers to buy uninsured motorist coverage. This coverage compensates policy owners and their families for injuries, including if they are injured as pedestrians, caused by hit-and-run drivers and drivers without insurance. Uninsured and underinsured motorist coverage adds roughly 7% to 9% to an average auto premium, according to State Farm Mutual Automobile Insurance Co. and Allstate Corp.

Motorists driving without insurance face criminal as well as financial risks. In a wreck, they could lose whatever assets they own in a court judgment. Also, driving without insurance is illegal in New York.

Motorists who allow their policies to lapse for any reason also often must pay an initial 25% to 50% surcharge for a new policy. Insurance companies charge them more because they consider them irresponsible: Unlicensed and uninsured drivers are disproportionately involved in fatal accidents.