The assistant vice president of Liberty Mutual Insurance in Boston, Jim Quade, was recently interviewed by Fox Business News about what is important to consider when selecting car insurance coverage.
His advice was to buy enough car insurance coverage to protect your assets. You don't want to skimp on the premium and wind up losing the coverage you may need. The minimum car insurance coverage required in most states may not be enough, in the event of a serious car accident and/or a multiple car accident, to cover the costs of bodily injury and property injury. This is especially true when you consider skyrocketing medical costs, the possibility of rehabilitation, lost wages, expensive vehicles, and more.
If bodily injury and property damage costs exceed the coverage in your insurance policy, the injured party may file suit against you seeking to recover damages not covered by your policy. It is at this point that any compensation they are awarded you would have to pay out-of-pocket, putting your assets at risk.
Minimum Car Insurance Requirements in Georgia
The minimum car insurance requirements in Georgia are 25/50/25. The first number 25, is the maximum amount of bodily injury coverage for one person in an accident ($25,000). The second number 50, is the maximum amount of bodily injury coverage for one accident ($50,000). The third number 25, is for the maximum amount of property damage liability per vehicle ($25,000).
If you are a young driver and do not have a lot of assets to protect, you will still will want to have enough medical coverage to protect yourself for any serious injuries you receive. Choosing the right car insurance is important? Sit down with a professional insurance provider and discuss what insurance coverage level will protect you and your assets in the event of a serious car accident.
How insurance coverage protects assets is best discussed and worked out between you and your car insurance provider. If you are ever in a serious accident you will want to have sufficient coverage to take care of any accident injury claims while protecting yourself from any out-of-pocket expenses.
What if You Are the Victim Of a Serious Car Accident and Your Damages Are Not Covered By Insurance?
You may be doing everything right by choosing a well-balanced car insurance policy, but others on the roadways may not have been as proactive as you. If you should be involved in a serious car accident that was the fault of another, you may find that you have medical bills, lost wages and more that are not sufficiently covered by insurance. If the insurance company does not seem to be fair about the compensation they offer you in a settlement or if you need help because the at-fault driver did not have enough bodily injury coverage to cover your losses an Atlanta car accident attorney can help.
An experienced car accident attorney knows how to work with the insurance company to make sure that they pay out the proper compensation for your accident injury. They can also make a claim against the at-fault individual for additional compensation should the maximum limits of the insurance policy not cover your damages.
Helping Atlanta Car Accident Injury Victims Recover Compensation - The Teiger Law Center
The Teiger Law Center represents victims of accident injury and other types of personal injury in the Atlanta and North Georgia area. Contact one of our Atlanta personal injury attorneys for help with your injury case today!