Georgian Insurance Resources
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What Does Georgia Require and How Can I Save Money On Car Insurance?
Find out what the minimum requirements are for auto insurance in Georgia. Also read about ways that you may lower your car premium. The following information is provided by the Georgian Office of the Commissioner.
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What’s Required In Georgia
Liability insurance, which pays for damage
you do to property or other people if you
are at fault, is still required. The basic limits
are 25/50/25 The first two figures refer to
bodily injury liability limits, which apply
when you are held legally liable for injury or
death to pedestrians, persons riding in
other cars, or guests in your car.
The third figure refers to property damage
liability, the maximum your insurance
company will pay in settling claims against
you arising from damage to property of
others ( such as damage to the other
driver’s car).
Specifically, the numbers 25/50/25 mean
coverage up to $50,000 for all persons
injured in an accident, subject to a limit of
$25.000 for one individual, and $ 25,000
coverage for property damage.
This is the minimum liability protection
required by Georgia law; higher limits of
coverage are available from most insurers.
Note that the liability coverages required by
law cover only damage the policyholder
does to others, or to the property of
others. To pay for damage to your car, you
can purchase Collision coverage, to cover
damage resulting from an
accident; or comprehensive insurance, to
cover your for damage from other causes,including fire, theft, glass breakage, vandalism,
flood, falling objects, explosion, windstorm,
hail, earthquake, riot, or collision with an
animal. To cover injuries: suffered by you or
your passengers in an auto accident, you can
purchase Med Pay coverage in varying amounts.
Is it better to keep my auto
insurance with the same company as my
homeowner’s policy?
Some companies offer discounts
when you have automobile and
homeowner’s with them. The company
may cover house auto, boat, etc., all under
one policy. However,
there may be
situations where you can save money by
spreading your coverage among several
companies. It is your choice. Please shop
carefully for all of your I insurance needs.
My agent gave me a quote but
the insurance company is charging me a
higher premium than we originally
discussed. Must the company honor the
agent’s quote?
No. A quote in the insurance
market represents an offer to sell an insurance
contract subject to compatibility of
that offer with the carrier’s filings with this
department. An Insurance Company may
not collect a premium for less than or
more than this amount.
What can I do if I feel my
insurance company has unfairly not renewed
my auto policy?
If you feel you have been unfairly
non-renewed, you my request a review
before the Insurance Commissioner or his
designee. This request must be in writing
and must be made within 15 days of the
non-renewal notice. In your written
request, state why you believe the nonrenewal
is unfair.
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Other than my driving record and type of car, what other factors do insurance companies use to determine my premiums? Do all insurance companies look at the same things?
Most insurance companies look at
driving records, type of car, use of vehicle,
location of vehicle, and age of driver.
What happens if I am in an accident with someone who doesn’t have coverage, and the other driver is at fault?
To protect yourself in the event
you have an accident with one of these illegal
motorists, you can purchase uninsured
motorists coverage. You will be paid for
damages just as if the other driver was
covered.
I recently purchased a new car.
When I applied for the loan, I was told I
would have to purchase comprehensive and
collision on the new car, as well as what’s
required by law. Is this legal?
It is not unusual for a lender to
require comprehensive and collision on a
new vehicle. Your new car serves as the
lender’s collateral, so it is in the lender’s
interest to have it financially protected in
case of accidents.
When I was buying my auto
insurance, my insurance agent said I was with
a “non-standard” insurance company. What
is a “non-standard” company?
A “non-standard automobile
insurance company should write auto
insurance for those drivers who have
difficulties in obtaining insurance through
normal means. Non-standard’ companies
generally charge higher premiums.
I recently moved from Albany to
Atlanta. I kept the same insurance company
for my car and home, but my premiums
went up. Shouldn’t these rates stay the
same?
Generally speaking, when moving to
a more populous area, you can expect your
auto insurance rates to rise somewhat
because there are more automobiles on the
road, and the likelihood of accidents goes up.
The cost of homeowner’s insurance, on the
other hand, could possibly go down slightly
because in a more populated area, your home
may be closer to firefighting services.
However, this disadvantage may be offset by
higher home values in the bigger city.
Why are car insurance rates
higher for young men than for young women?
Young male drivers generally do
pay more than young females for auto
insurance. Insurance companies use
statistical evidence I to determine which
groups, such as young male drivers are most
likely to have accidents
and file claims.
Statistics show that drivers under age 25,
particularly males, are much more likely to
be involved in accidents: 15% of all licensed
drivers are under age 25, yet this group
accounts for 29% of all accidents, and about
26% of all fatal accidents.
The accident rate
is much lower for young female drivers, so
they are charged less for auto coverage.
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