Georgia Auto Liability Limits

Georgia Minimum Car Insurance Limits   

Closing insurance gaps
How much car insurance?

If you own a car in Georgia, the state requires that you meet certain financial standards. For most of us, that means that our vehicles be covered by an auto liability insurance policy.  Furthermore, the auto liability insurance limits must meet State mandated requirements.  

For most of us, the first thought when our car is involved in an accident is getting it back on the road.  How will we replace or repair our own vehicle?  For that, you need to have a collision and/or comprehensive insurance coverage. While this coverage is important, it is not the insurance coverage mandated by the State.

Georgia Auto Liability Insurance 

If you are involved in an accident and found to be at fault, you can legally be held financially responsible. This is why you buy personal auto insurance!   The Georgia minimum insurance requirements are aimed at protecting other drivers and passengers using the States roads and highways..Your auto liability policy protects other drivers. Specifically, it provides coverage for bodily injury and/or property damage that results from your actions.

As mentioned, you may be held responsible for the full cost of damages, With a personal auto liability insurance policy in place, your insurance company, subject to the specifics of the policy, will be on the hook.  However, their requirement ends once the policy limits have been paid.

What does that mean?

It means that the prudent thing is to develop a better understanding of what will happen if the cost of damages exceeds our auto liability policy limits.   As a mere insurance agent, I am not qualified to directly answer that.  But, commonsense would suggest that at a minimum, inadequately insured auto owners are leaving Pandora’s Box wide open. 

The Georgia minimum auto liability insurance requirements are:

• Georgia motor vehicle liability coverage minimum for bodily injury:

     o $25,000 for bodily injury liability coverage per person

     o $50,000 for bodily injury liability coverage per accident

•Georgia motor vehicle liability coverage minimum for property damages:

     o Georgia auto owners are at least $25,000 for claims made against       them as result of damaging the property of others

Georgia’s Car Insurance state-mandated minimums are most commonly stated as:

25/50/25

…or…

$25,000 (BI) per person / $50,000 BI per accident / $25,000 (PD)

Cheap is used to refer to things of value or good deals.  It is also used to refer to a rip-off or a bad deal.  Deciding which is the true Challenge.
Does cheap refer to a Good Deal or a Bad Deal?

Before asking an insurance agent for the “Cheapest Car Insurance, you got,” consider the following:

• Cheap car insurance more than likely means you are getting the state-mandated minimums.

• How far will those dollars go if you are the cause of a severe auto accident?

• Settlement cost seldom equal medical costs. Why? For one, pain and suffering. If you want an estimate for total settlement cost, a good rule of thumb is to multiple medical bills by 3. If your negligence was the cause of a car crash and the other party sustained $10,000 in medical expenses you are looking at $30,000 to settle the claim. $5,000 higher than the state minimum!

• How far will $10,000 go in an emergency room today?

• How far will the $50,000 per accident limit go if you hit a car with multiple passengers? What if you are the cause of a multiple car collision or if the other vehicle isn’t a car but rather a bus?

Cheap car insurance can cost you in more ways than you realize. Ever wonder how insurance companies come up with an auto insurance premium for you and your car?

Your premium is the result of a number of factors. Every car insurance companies have their own unique formula. Each aimed at helping them attract clients and make a buck too. What you may find surprising is that many companies will penalize you if your current insurance limits are the state minimums. Never buy the state-mandated minimum without first considering the cost of better coverage. It’s likely to be less than you think and it will save you in the long run.

In the end, cheap auto insurance may wind up costing you more than you bargained for. Even if you never have an accident! Consider your options, prepare for the worst and be sure that you find an insurance agent the is willing to spend the time to help you through the process.

TruePoint Insurance, Insuring Georgia
Trusting TruePoint all your insurance needs

Business Insurance Costs

Managing your cost of insurance

Businesses price their products to cover the costs of production as well as their labor, sales marketing, and other major expenses. Prices also reflect some post-sales costs such as handling repairs or replacements under warranty. At one time many industries used a pricing strategy for their products that failed to reflect their true costs. A once-popular assumption was that lower prices would promote increased sales and the higher sales volume would make up the cost difference. The strategy wasn’t successful. It hasn’t worked for the auto industry, the computer industry or the insurance industry.

The problems of the insurance industry became apparent within the turn of the century and were drastically exasperated by several natural and financial catastrophes. Events such as terrorist attacks, hurricanes, housing market and banking meltdowns all substantially affected the insurance industry. The insurance industry’s attempts to gradually correct their pricing had to be sped up; substantially!

21st Century insurance markets have been riddled with catastrophic events.  Weather, terrorism and fraudulent practices have all impacted insurance premiums.
Why are insurance premiums so high?

For much of the 21st Century, insurance companies have had to handle many more claims being presented many years after their policies have expired. In the case of pollution, asbestos and employment practices; the industry is being asked to handle losses that policies weren’t designed to even cover.

Well, what can a business owner do to minimize their high insurance cost? Before considering sacrificing the amount of protection a business carries just to save money, consider alternatives. Some other solutions would be:

1. Review your coverage:

a. Take a close look at your insurance. Could you increase the deductibles to lower your premium?

b. Are you carrying physical damage coverage on commercial vehicles that aren’t worth it?

c. Are you insuring items you could replace out of pocket? Are there pieces of equipment that are insured when they could be replaced from operating funds without submitting a claim?

2. Review your exposures:

a. Could you reduce the premium by installing an alarm system or fire protection system? Would these premium savings offset the cost of the system?

b. Could you implement safety programs that would reduce the cost or make the insurance company more interested in providing coverage? For example: driver safety programs, back to work programs, safety training in proper use of equipment and job functions.

3. Identify your insurance goals:

a. Do you need an insurance company that can provide loss control services?

b. Do you need an insurance company that can provide claim-handling services for your Workers Compensation insurance?

c. Do you need an insurance company that will allow you to make payments by phone or on-line 24/7?

d. Do you need an insurance company that has a local agent/representative that can assist you in your insurance solutions?

Shopping and price are not the only issues in insurance. What you don’t know can cost you more in the long run than you could ever save in premiums. Discuss your situation with an insurance professional and make the choice that works for you.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.

The Businessowners Policy


Do you shop with uninsured Merchants?

If you own and/or run a smaller business, your insurance needs may be properly handled by a business owners policy (BOP). A BOP is a single form that offers both property and liability protection. Retailers, wholesalers, small contractors, artisan contractors, dry cleaners, restaurants, offices and convenience stores (including those with gas pumps) are eligible for BOP coverage. All such operations may be insured by a BOP as long as they do not exceed the square foot or annual sales limits established for the program. Cooking operations, due to the higher fire and other accident exposures, have significantly more restrictive guidelines.

Property Coverage – BOPs protect buildings as well as the following:

The policy’s protection for business personal property (such as office equipment, copiers, desks, etc.) applies whether the property is located inside or immediately outside the covered buildings. The category also includes property you own, lease or control (i.e., borrow or control) as long as the property is used by the business.

One item of importance, the BOP does NOT provide coverage for loss of use of damaged or destroyed property, nor for loss created by an actual or perceived loss in value of goods after a loss takes place.

Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.

building additions (completed or being built) indoor and outdoor fixtures Clothes Dryers machinery and equipment landlord furnishings,
mowers, ladder, snowblowers, and similar maintenance property outdoor furniture floor coverings Refrigerating appliances ventilating appliances
Cooking appliances Dishwashing/Drying appliances Clothes washers materials, equipment, and supplies temporary structures located near the insured premises

Enhancing Coverage – A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.

A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.

The BOP provides other coverage than the protection mentioned in part 1. The following protection can be selected under the BOP.

Optional Coverages

Outdoor Signs–Payment is available for direct physical loss or damage to outdoor signs at the described premises. Eligible signs may be owned by the named insured or owned by others but be in the named insured’s care, custody, or control.

Money and Securities–Coverage applies to loss of only the named insured’s money and securities used in its business while that property is at banks or savings institutions, inside the named insured’s living quarters, inside the living quarters of a partner or employee, at the described premises or while in transit between the places referenced.

Employee Dishonesty–The policy pays for direct loss of business personal property and money and securities due to dishonest acts its employees commit, whether they act alone or collude with others to do so.

Equipment Breakdown Protection Coverage–Coverage is available for loss or damage directly caused by or that results from electrical failure or mechanical breakdown to covered property. Covered property is electrical, mechanical, or pressure machinery and equipment

Liability Coverage – A BOP’s liability coverage provides comprehensive protection for claims or suits made by other parties. Specifically, it covers losses involving injury to other persons or damage to property that belongs to others. It also provides limited protection against personal injury (slander or libel), advertising injury and losses involving an operation’s products or services.

Naturally, there are certain situations that are not covered by a BOP. For instance, there is no coverage for losses involving most vehicles, money, and securities; illegal property (contraband), land, water, growing crops or lawns; or watercraft.

Enhancing Coverage – A BOP may be supplemented to provide additional protection. Property coverage options include adding insurance for accounts receivable, valuable papers and records, earthquake, spoilage, etc. Liability coverage can be expanded to handle additional business interests, limited vehicle liability, losses related to personnel situations, liquor liability and injuries to leased employees.

A BOP may be the answer to your company’s coverage needs and it may be worthwhile to get more information on the BOP from the nearest insurance professional.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.

5 Expectations of Commercial Insurance Policies

All insurance policies have unique ways of protecting you against financial loss. TruePoint Insurance can answer specific questions about coverage for your business. For now, this list of expectations of commercial insurance gives you an idea of the peace of mind your policy can provide.

1. Protection against the cost of property damage

This could include a combination of coverages depending on the policy type. In some cases, the commercial premises and expenses related to customer damages might be covered.

2. Absolution of production error financial loss

Sometimes mistakes happen that cost a company time and money because of product recalls. Other times, work may have to be redone if a failure takes place during service. Whatever the case, a business always benefits from having insurance that pays toward expensive mistakes.

3. The payout for equipment repair

Sometimes, a machine might stop while running a production line. Other times, point-of-sale systems or computers might stop working. These examples illustrate the kinds of repairs needed that some commercial insurance policies might cover.

4. Funding during a business interruption

Anything could happen in Fisherville, KY. In the unfortunate incident that a place of operation experiences a forced closure because of construction, a robbery, natural disaster, or other cause, some types of commercial insurance policies, in conjunction with other types of insurance, could pay for these types of expenses.

5. Money for unexpected legal fees

Workers’ compensation laws include requirements for Fisherville, KY employers. Usually, this includes provisions for any financial hardships that could occur if a worker has an injury on the job. However, a business often will obtain insurance that can cover the costs of legal fees in the event of a lawsuit. Certain law insurance inclusions would also pay for customer or competitor lawsuits.

Do you have questions about what kind of specific commercial insurance would benefit you while operating in Fisherville, KY? If so, contact a TruePoint agent today and find the peace of mind you need from day to day.

What Should I Do If I’m Involved in an Auto Accident?

If you’re involved in an auto accident, there are several things you need to do before you leave the scene. Aside from calling the police and your insurance agent, the following steps are significant and will help you when you file your insurance claim. The agents from TruePoint Insurance can help residents of Lawrence and Fisherville, KY get the process started.

Pull Over to the Side of the Road

If you are involved in an accident on a busy street, the first thing you should do is move your vehicle (if possible) to the side of the road and out of the way of traffic. Move the cars a safe distance off of the road to prevent further injury or damage to your vehicles.

Exchange Information

The next step is to exchange your insurance information with the other driver. You will also have to share the information with the police officer for the accident report. Always make sure to get the other driver’s contact information, as well.

Take as many Photographs as You Can

If you want to document the accident properly, take pictures of both the scene of the accident as well as the vehicles involved. Photos that accurately show all of the damage to your car are beneficial, especially if you have to go to court.

In Fisherville, KY, the agents of TruePoint Insurance can walk you through the steps you need to follow if you are ever involved in an auto accident. Talk to the agents today so that you are fully prepared if and when an accident does occur.

 

How Having an Electric Vehicle Affects Insurance Rates

Did you know that your auto insurance rates can be different if you own an electric vehicle? In fact, in most instances, your insurance will be higher for an electric vehicle. Let’s take a look at some of the reasons why this is the case from TruePoint Insurance in Fisherville, KY.

Higher Costs of the Vehicle

On average, electric vehicles cost a great deal more than the more conventional automobiles. They can cost around 70 percent more on average, according to studies conducted by Nerd Wallet. The higher price tag means that the insurance company has to pay more if the vehicle is stolen or damaged.

High Repair Costs

It tends to cost more to conduct repairs on an electric automobile. This is because they have expensive battery systems and you have to bring the vehicle to a specially trained mechanic. Though these vehicles usually don’t need repairs as often, this definitely has an effect on how much its insurance is going to cost. 

Size of the Car

Electric vehicles typically are smaller than other automobiles. Since smaller cars often don’t offer as much protection in the event of a collision, they are sometimes deemed as higher risk vehicles. This can increase the amount you’ll be asked to pay for your car’s insurance coverage.

Even with the fact that you’ll almost certainly have to pay more for insurance, there are many benefits that come along with owning an electric vehicle. Your car may qualify for a federal tax credit of around $7,500, a big plus as it will offset what you pay for insurance. 

Be sure to ask plenty of questions to understand insurance for your electric vehicle. The team at TruePoint Insurance, serving the greater Lawrence and Fisherville, KY area, can answer your questions to make signing up for auto insurance less of a stressful experience.

 

Signal Your Intent


Accidents associated with failure to use a turn signal are over twice
Each year 2 million accidents are due to the failure to use turn signals

Auto risk mitigation organization “SafetyFirst,” noticed some important statistics from its database of calls into its hotline. They discovered that a significant percentage of its calls involved drivers who did not use their turn signals. That issue was significant, especially since nearly half of their complaints involved:

  • Improper Lane Change;
  • Failure to Use Signals
  • Failing to Yield Right of Way
  • Weaving in Traffic
  • Failure to Stay in Lane;
  • and Improper Passing

A common trait in all of these behaviors is that they significantly increase the likelihood of an accident.

There are several trends that are occurring simultaneously on U.S. Roads. One, we’re driving faster, two there are more vehicles, we’re driving more frequently and a significant portion of drivers (Baby Boomers) are becoming senior operators with age-related, diminished driving skills.

In light of these trends, does it make sense that many drivers either forget to or refuse to use turn signals?

Drivers do themselves and others a tremendous favor by signaling their intent. Much of our driving activity depends on being able to rely upon and anticipate what is being done by other drivers. Signaling consistently and appropriately allows others to adjust their actions in order to reduce the chance of accidents and to maintain traffic flow.

Help yourself, help others. Whenever you are about to do something that can be indicated by a turn signal……signal your intent!


COPYRIGHT: Insurance Publishing Plus, Inc. 2015

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.

Attractive Nuisances


Trampolines can clutter your yard, and that's the nicest thing we have to say.
Trampolines; Kids love them, insurers don’t!

What Is An Attractive Nuisance?

This is a term originated by a judge to describe a property that attracts youngsters and, because of its dangerous nature, creates a special obligation to property owners. Examples are:

  • swimming pools
  • trampolines
  • empty buildings
  • appliances kept outside
  • excavations
  • construction materials
  • zip lines

All of these can lure children onto property and they all have the potential to cause serious injury.

Why Do Attractive Nuisances Create A Special Obligation?

A special obligation exists because of such property’s child endangering nature. Children do not have the reasoning ability of adults. When an opportunity to have fun pops up, it’s a rare child who thinks about the chance of being injured. A property owner with an attractive nuisance on his property cannot escape liability because of a trespassing child. When an attractive nuisance is involved, adults have to make a special effort to protect children from their blind sense of adventure or face the consequences.

How Do You Handle Attractive Nuisances?

Pools increase liability exposures for homeowners.  Controling access to the will likely have a positive impact on your homeowners insurance premiums.
Pool Safety starts with controlling access.

The answer is…doing whatever it takes to prevent a child’s access to the nuisance. Therefore, in order of their effectiveness:

1. Eliminate the nuisance

  • have old appliances hauled to a junkyard
  • tow old, non-running vehicles away
  • get rid of construction materials immediately after a building project is complete

2. Secure the nuisance

  • take off doors or covers from large appliances awaiting garbage pickup
  • keep sharp tools, especially power tools and equipment, locked away
  • store construction materials in a garage or shed

3. Reduce the chance for injury from a nuisance

  • install a pool cover and have a locked fence to prevent access to the pool
  • do not allow younger children to use equipment such as trampolines
  • make sure there’s adult supervision of children using play equipment

If you’re not certain about whether you have an attractive nuisance situation, discuss the situation with an insurance professional.


COPYRIGHT: Insurance Publishing Plus, Inc. 2016

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without the written consent of Insurance Publishing Plus, Inc.

Trick or Treat

Special Property, Special Coverage


Special property items such as cash, guns, jewelry and other items will only be covered up to the special limit set by the policy
Special Property Insurance Limits

A standard homeowner’s policy offers a limit equal to half of the amount reserved for the residence to protect against loss to a given residence’s personal Property (ex. Your home is covered for $150,000, so your contents and furnishings are covered for $75,000). While this is generous coverage, it doesn’t extend to all types of the property nor for all causes of loss. Certain types of property, because of its high value and liquidity, is far more vulnerable to loss…either easily destroyed, easily stolen or both. So, to compensate for this difference, insurers use coverage restrictions.

Causes of loss can also trigger lower limits.  Covered property of any type will be subject to reduced limits when theft is the cause of loss
Property claims due to theft are subject to lower limits

Theft Coverage Limitations

When property is lost due to theft, coverage under a standard homeowner policy is severely limited (generally $1,000 – $2,500) for the following types of property:

  • jewelry, watches, furs, and gemstones
  • dinnerware, serving sets, trophies and similar property made of or plated with silver, gold, platinum or pewter
  • for firearms, accessories and related property

Other Coverage Limitations

Several categories of property are subject to very modest limits ($200 – $2,500) of coverage, regardless of the cause of loss (theft, fire, accidental breakage, etc.). Specifically:

  • money, banknotes, coins, medals, gold, silver, and platinum (other than jewelry or dinnerware)
  • securities, accounts, deeds, tickets, stamps, manuscripts, passports and similar property
  • watercraft and related property including their trailers
  • trailers not used with watercraft
  • business property located in your residence
  • business property located away from your residence
  • certain types of electronic property which are lost or damaged while in a car or is located away from your home and used for business.

Handling the Limited Coverage Situation

Insurance companies are happy to provide more coverage if they are paid for their trouble. Specifically, limited coverage can be handled using the following methods:

Increased Coverage C Endorsement – this form is only appropriate for property saddled with limited coverage for theft losses. This form is attached to a basic policy and it increases the theft insurance limit (i.e. for jewelry from $1,500 to $5,000).

Scheduled Personal Property Endorsement – this form is used for increasing coverage for property that has protection reduced for all sources of loss. The property is removed from the basic policy’s limits and is covered exclusively by the endorsement. This form takes more work since each item of property has to be listed and assigned a particular insurance limit.

Inland Marine Property Floater – this method works like the personal property endorsement, except that it is a separate policy. This alternative is more appropriate for persons owning substantial amounts of high-valued property. The coverage must often be purchased from specialized insurers and comes at a high cost. In order to qualify for such coverage, you may need to meet special circumstances such as having a residential alarm system or make use of vault storage.

Another Advantage of Special Handling

In order to arrange coverage under a schedule or an inland marine policy, the property must be properly valued. This often involves appraising the property. It’s very helpful to have an expert source to establish the current value of jewelry, furs or other valuable possessions. In fact, such property should be appraised every two or three years since their values often increase over time.

Do you still have questions about property that needs special handling? Talk to an insurance professional about your needs and make sure that you have proper protection.


COPYRIGHT: Insurance Publishing Plus, Inc. 2017

All rights reserved. Production or distribution, whether in whole or in part, in any form of media or language; and no matter what country, state or territory, is expressly forbidden without written consent of Insurance Publishing Plus, Inc.