Insurance limits control how much money you can get after a serious car accident. These limits set the maximum an insurance company will pay for damages, which can make a big difference when you’re dealing with severe injuries.
What are insurance limits?
Every auto insurance policy has limits that cap what the insurer will pay. In Georgia, drivers must have at least $25,000 per person for injuries, $50,000 per accident for injuries, and $25,000 for property damage. These amounts work for minor accidents. For catastrophic injuries, like brain or spinal injuries, these limits often don’t cover everything.
Low insurance limits and their impact
After an accident, if the at-fault driver’s insurance doesn’t cover all the costs, you might have to pay the difference. For someone with serious injuries, this can include high medical bills, therapy, and long-term care. If the insurance limits are too low, you could have to deal with large out-of-pocket expenses.
Other ways to get compensation
If the insurance doesn’t cover everything, you can sue the at-fault driver to try to get more money. If they have assets, like property or savings, you might be able to use those to cover your costs. Another option is using your own uninsured/underinsured motorist coverage. This extra coverage helps pay when the other driver’s insurance isn’t enough.
Why knowing insurance limits matters
Being informed about insurance policies is essential for safeguarding your financial well-being. By having a clear understanding of potential risks, you can make more confident decisions and ensure better protection for yourself and your loved ones in the event of an accident.