Are Your Auto Insurance Limits Enough To Protect Your Assets?

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Property damage and medical expenses can easily exceed policy limits

The average judgment awarded in Auto accidents cases in the State of Georgia is $384,000 and without adequate limits of insurance, the driver is responsible for paying.  Bad auto accidents are a common occurrence on Georgia highways.  The cost of property damage and medical expenses can easily exceed policy limits if the driver is carrying state minimum coverage.

In the State of Georgia, the state minimum coverage is 25/50/25.  What that means is the most an insurer will pay out for a single person’s injury is $25,000.  The most paid out for all injured persons is $50,000 and the most paid out for property damage is $25,000.  If you have been hospitalized for any length of time, you know it only take a few days to incur a costly medical bill and the cost of vehicles repairs increase every year. In some cases, drivers found responsible for auto accidents have had to sell their assets to pay judgments against them.  That means second homes, investment properties and retirement plans are put at risk every time a driver gets behind the wheel. This scenario can be avoided by carrying adequate limits of insurance. 

If you are a homeowner, have significant assets like rental property, investments or an inheritance the higher your limits the better.  The goal is to have your insurance policy pay for any property damage and medical expenses if you are found responsible.  Higher limits are the best way to protect assets against a judgement and to keep a bad day from becoming a bad lifetime.  A quick review of your policy can help you determine if your limits are adequate.  Protect what  you’ve worked hard to build and let us know if we can help!

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