After you are involved in an accident is not the time to try and figure out the terms of your insurance policy. It’s important to know your limits, deductibles and how much is going to be covered before you are involved in an accident.
Each insurance company has different policies, with varied levels of coverage, all for different monthly premiums.
While you want to purchase an insurance company you can afford, you also want to ensure you have plenty of coverage to provide adequate protection if you are involved in an accident. In the state of Georgia, there are required minimums (by law), which are:
- Bodily injury liability minimum: $25,000
- Property damage liability minimum: $25,000
While this is the minimum amount, just purchasing the minimum is often risky. These amounts don’t guarantee they will cover all the damages and injuries that occur if you are involved in an accident.
Now is the time to evaluate and “get to know” your car insurance policy.
After all, if you are involved in an accident and your policy doesn’t provide enough coverage, you may wind up having to pay out of pocket for the damages and injuries that occur. This can be devastating for many people. Don’t be in this situation. Unfortunately, in 2015, 13 percent of all drivers still didn’t have enough car insurance, leaving them vulnerable to high fees and other issues.
Getting to Know Your Policy: What’s What?
It’s important that you get to know all the different “parts” of your policy. Each “part” represents a specific type of coverage. Keep reading to learn about the parts of a typical car insurance policy.
If you are considered “at fault” in an accident, this is the insurance coverage that pays for any property damage or bodily injuries that other people in the accident suffer.
Collision insurance provides coverage for any damage to your vehicle after the deductible. This provides coverage regardless of if you, or someone else, is at fault.
Comprehensive insurance does not cover damage resulting from a car accident. Instead, it covers damage that your vehicle suffers because of fire, vandalism, theft or another incident (besides an accident).
PIP – Medical Personal Injury Protection – Insurance
This is the type of insurance that pays for any medical expenses incurred by you or your passengers. This provides coverage regardless of who is at fault for the accident that occurred. It will also cover you if you happen to be hurt in a pedestrian accident.
Underinsured or Uninsured Coverage
Provides coverage for property and bodily damages if you are injured after being involved in an accident with someone else who is considered at fault for the accident doesn’t have enough insurance, or insurance at all.
Keep in mind, insurance is only going to provide coverage up until the policy limits. While you don’t have to pay for extra insurance, besides what the state of Georgia requires, additional insurance can help to provide you with financial security and peace of mind – both of which are extremely valuable.
Be sure to review your policy carefully to determine whether or not you have adequate car insurance coverage. If you are involved in a car accident, of any type, and need the help of an attorney, reach out to the quality lawyers at Schnipper Law, P.C. by calling (404) 983-6051.
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