The Georgia state government requires that all motorists have minimum liability coverage on their vehicles in case they are involved in an accident that was their fault. This coverage pays for injuries to the other parties involved and/or any property damage that occurred. Motorists are advised to carry limits that are high enough to protect themselves, as well as their possession from any lawsuit that could possibly arise, should an accident occur.
Keep in mind that, even if you have a high limit, you can still be sued for damages. However, the higher the coverage limit you have, the greater flexibility the insurance company has to settle out of court, and the more your assets will be protected. At The Ephraim Group, we can customize an auto insurance policy in Lawrenceville, GA, that is tailored to you and your family’s needs.
Basic Auto Insurance Terms
Bodily Injury Liability Coverage – This pays for the other person’s medical expenses, whether one of more vehicles are involved; including any disability settlements that may arise. Having a higher liability limit allows your insurer to settle out of court.
Deductible – This is the amount you pay before your Lawrenceville, GA car insurance policy covers the losses.
Insured – The term refers to you and your family members, as well as anyone else designated in your policy (this could be employees or relatives not living in your household).
Liability Coverages (for others when the accident is your fault):
Other (or 3rd) Party – This covers other parties in other vehicles involved in the accident. It could also be a property owner who sustained damages that were associated to the accident (e.g. fences, mailboxes, etc.).
Premium – The cost of your auto insurance coverage in Lawrenceville, GA is in dollars. Premiums can be paid monthly, quarterly, bi-annually, or in a single lump sum every year (varies by company).
Property Damages Liability Coverage – Thus, covers damages to the other person’s property; whether it is a fence, mailbox, or their vehicle.
Coverages (for you and your vehicle)
Collision – Thus, covers any damage to your vehicle resulting from a collision; whether it involves a moving or stationary object, such as another vehicle or a tree. A deductible will apply. (NOTE: the lower the deductible amount, the higher your premium payment and vice versa.)
Comprehensive – Protects against losses to your vehicle, such as collisions with animals (not available on all policies), fire, glass breakage, storm damage, theft, and vandalism. A deductible will apply. (NOTE: the lower the deductible amount, the higher your premium payment and vice versa.)
Medical Payments – Covers medical expenses for everyone riding in your vehicle; including ambulance rides, ER room care, follow-up visits to the doctor, therapy, X-rays, and more (you select the coverage limits).
Uninsured Motorist Bodily Injury – This covers you and your passengers when the other driver(s) are at fault, and do not have car insurance coverage in Lawrenceville, GA – or – does not have enough to cover your medical needs. In most cases, no deductible applies in either situation.
Uninsured Motorist Property Damage – Covers the damages to your vehicle and pays for all repair expenses associated with your accident. A deductible will apply.
While minimum liability coverage is required by Georgia state law, the above personal coverages are recommended in conjunction with it.
You rear end the vehicle stopped in front of you, and have damaged the other vehicle. As a result of the collision, the driver of the other vehicle, you, and your passengers all sustained injuries. The other driver’s medical expenses and the damages to his or her vehicle, and any other expenses associated with the accident are paid for by your minimum liability coverage. The $7,860 in damages to the other vehicle and $17,800 total medical expenses are all paid with no deductible and no cost to you.
Depending on your auto insurance policy coverage, in Lawrenceville, GA, your medical payment coverage might pay for you and your passenger’s injury expenses with no deductible to pay out of pocket. You have $8,200 in damages to your vehicle. You pay your $500 deductible and the balance of $7,700 is paid by your insurer. Basically, despite the fact that you were involved in a serious accident, you only had to pay $500 out of pocket. That’s a great deal considering the circumstances.
Contact The Ephraim Group today and learn more about how you can protect you and your family with the right car insurance coverage in Lawrenceville, GA.