Call us!  (478) 216-1664
Call us!  (478) 216-1664

liability vs full coverage

When comparing liability and full coverage car insurance, you might be tempted to get bare-bones coverage to save money each month. This decision could open you up to serious liability if you’re ever found to be at-fault for an accident.

If you’re ever in an accident that’s caused by another driver’s negligence, Macon car accident lawyer Mike Rafi will be ready to help. You can contact Mike online for a free evaluation of your case, or you can give him a call at (478) 216-1664. 

Continue reading to learn about each type of coverage and some information to help you decide which coverage option is right for you. 

A quick look at liability insurance

Liability insurance will cover the costs of anyone hurt in an accident if you’re at fault. Every driver in Georgia must have liability insurance with minimum policy limits of $25,000 per incident (for property damage) and $25,000/$50,000 per person and per incident for bodily injury. 

It’s incredibly important that you know liability coverage only covers damage to another motorist’s property and injuries sustained by the other motorists–it doesn’t provide any coverage for your own injuries or damage. 

Full-coverage insurance: The basics

Full-coverage insurance is different from liability coverage because it covers repairs that occur due to an “act of God” incident. For example, if your car is damaged in a hailstorm or if a tree falls on it due to a strong gust of wind, your repairs will typically be paid for through insurance. It will also cover damage to your vehicle that’s caused in an accident.

Full-coverage insurance also differs from liability in regard to injuries. It will pay for the other driver’s injuries and damage if you’re at fault, and it will pay for some of your medical expenses – to a point. You can purchase separate MedPay (medical payments) coverage for an extra level of protection. 

Although you’re not legally required to have full coverage in Georgia, if you’re leasing or financing a car, the lender may require it.

The average policy limits for full coverage insurance are typically much higher than for liability coverage, typically with a limit of $100,000/$300,000 for bodily injury per person and per incident. 

What are the cost differences?

According to WalletHub, on average, Georgia drivers pay $877 per year for liability and $2,287 per year for full coverage. Of course, the amount you’ll pay will depend on your insurer, your age, your driving record, and the policy limits you choose. 

Which should you have?

You might be considering just a liability policy since it might cost significantly less, but there are actually some instances where that would actually be smart from a financial standpoint. For example, if you have a 15-year-old car, the cost for full coverage would be a lot in comparison to the vehicle’s value. 

Basically, it all comes down to risk tolerance. If you drive a lot, you should consider full coverage, regardless of the age of your vehicle because the more you drive, the higher your risk of being in an accident. If you’re hurt or your car is destroyed, you’re going to face much higher out-of-pocket expenses. If you don’t drive much and your older car is paid off, then liability might be the way to go. 

Talk to an attorney if you’re injured in an accident

Attorney Mike Rafi may be able to help you obtain maximum compensation if you’ve suffered an injury in a collision caused by another motorist. Schedule a free consultation by contacting Mike online or by calling him at (478) 216-1664.

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