Basic Principles of Auto Insurance for Georgia Drivers

Understanding the complex world of auto insurance may seem daunting, yet it’s critically important for Georgia drivers. At Morain & Buckelew, LLC, we believe that a solid understanding of auto insurance’s fundamental principles is crucial. Here’s why: knowing these principles empowers you to make informed decisions that could have substantial financial implications, especially in the event of an accident. It’s not just about fulfilling a legal requirement—it’s about ensuring that you have adequate protection against potential risks on the road. With our assistance, you can traverse the highways of auto insurance with confidence.

Key Foundations of Auto Insurance

Auto insurance is designed to protect you financially if you’re involved in an accident or if your car is damaged or stolen. In Georgia, drivers are required to carry a minimum amount of liability insurance, specifically $25,000 per person and $50,000 per accident for bodily injury, and $25,000 per accident for property damage. Understanding these figures can help protect you from potential financial difficulties following an accident.

There are a few key principles that form the foundation of auto insurance. Understanding these can greatly assist you in navigating the ins and outs of your policy:

  1. Principle of Indemnity: This principle ensures that you’re not profiting from a loss or damage. Instead, the insurance is designed to restore you to the financial position you were in prior to the incident.
  2. Principle of Insurable Interest: In simple terms, you must have a legitimate interest in what you’re insuring. For auto insurance, this means you either own the vehicle or have a substantial financial interest in it.
  3. Principle of Utmost Good Faith: This principle requires you to disclose all relevant information to your insurance company. Failing to do so could lead to a denied claim or even policy cancellation.
  4. Principle of Contribution: If you have multiple policies covering the same risk, the principle of contribution comes into play. This principle ensures that insurance companies share the cost of a claim so that you receive compensation only up to the actual amount of the loss.
  5. Principle of Subrogation: After a claim is paid out, your insurance company essentially steps into your shoes to recover the costs from the responsible party. This is why you often hear of insurance companies ‘suing’ other drivers or insurance companies.

Understanding these principles can help you with your insurance policy and ensure that you’re adequately covered in the event of an accident or damage to your vehicle. At Morain & Buckelew, LLC, we’re committed to helping you understand these principles and how they apply to your specific situation.

How Insurance Works after a Car Accident

When you’re involved in an auto accident, your insurance steps in to help cover costs. If you’re at fault, your liability coverage will cover the other party’s medical expenses and property damage up to your policy limits. If the other driver is at fault, their insurance should cover your costs. However, if they’re underinsured or uninsured, you may need to rely on your own coverage. That’s where underinsured or uninsured motorist coverage comes into play.

Seeking Compensation for Injuries

In the unfortunate event of an accident resulting in injuries, seeking compensation can often be complex. Medical bills, lost wages, and emotional distress are all factors that could potentially be compensated. At Morain & Buckelew, LLC, we assist our clients in determining the value of their claim and pursuing the compensation they deserve.

The Role of Personal Injury Lawyers in Auto Insurance Claims

Navigating insurance claims can be a challenging process. That’s where we come in. As personal injury lawyers, we handle all the details of your claim, from communicating with the insurance company, to collecting necessary evidence, to advocating for you in court if necessary. Our goal is to alleviate the stress and uncertainty that can accompany an auto insurance claim, allowing you to focus on your recovery.

Contact Morain & Buckelew, LLC for Your Auto Insurance Concerns

We’re here to help Georgia drivers understand and make the most of their auto insurance. Whether you’re dealing with the aftermath of an accident or simply want to better understand your coverage, we’re just a phone call away. Reach out to us today at (404) 448-3146 for a consultation and let us assist you with your auto insurance needs.