Everyone wants to save a buck on their auto insurance, we get it, you don’t want to overpay. If you are a homeowner and you go cheap on auto insurance coverage; your home, equity and other assets are on the table.
I want you to envision that every time you get behind the wheel of your car, you must buckle up your home in the passenger seat as well.
The Georgia state minimum for auto insurance liability is $25,000 for one accident to one person, up to $50,000 each accident if more than one person is involved and $25,000 for property damage. What if you cause an accident that causes a total loss of $40,000 to a newer medium priced vehicle and send two people to the hospital with bills of $80,000? You would be on the hook for $45,000 and your home equity and other assets are on the table once a personal injury attorney gets involved. The policy will only pay to its limits.
As we get into this new year, pull out your auto insurance policy and get a thorough review of your coverage limits. Remember your assets are worth more than a short phone call to a huge phone center or blindly getting an internet quote.