Last month we had the privilege of participating in the Cobb State Court’s “Knowledge Fair Week.” The Court staff enjoyed a nice lunch provided by Jones & Swanson while listening to Attorney’s Andrew Jones and Chase Swanson give an informative talk about auto insurance and the coverages they need. Knowing the ins and outs of your insurance coverage is very important, but can also be very confusing. Unfortunately, we see situations far too often where people are badly injured in an auto accident but cannot make a full recovery because the at fault driver has minimal insurance. Our goal is to educate the public on the correct insurance coverage.
Most Georgia residents do not understand the importance of uninsured motorist (UM) coverage. Many people assume this coverage only applies in the instances in which an at-fault driver is completely uninsured; however, it very well may provide you and your loved ones with additional coverage following incidents in which the at-fault driver has some but not enough coverage. At our Lunch & Learns, we like to discuss the difference between “Add-On” and “Excess” UM coverage versus “Reduced” or “Traditional” coverage. As the names imply, “Add-On” provides UM coverage in addition to the at-fault driver’s liability policy limits, while the alternative is actually reduced by the at-fault driver’s coverage.
For example, assume your neighbor was significantly injured in a car accident and the at fault driver has Georgia’s minimum liability limits of $25,000 per person. If the neighbor had a $100,000 reduced UM policy, the UM coverage actually available to her would only be $75,000, resulting in total available coverage of $100,000 ($25,000 + $75,000). On the other hand, if she had a $100,000 excess UM policy, the UM coverage available to her remains the full $100,000, resulting in total available coverage of $125,000 ($25,000 + $100,000). For a nominal difference in premium, the neighbor with “Add-On” or “Excess” UM raises their coverage substantially.
Not every family situation is the same, so making the right choices for auto coverage can be confusing. The amount of auto insurance you need may be different than someone else. At our Lunch & Learns we offer the attendees’ the opportunity to go over their insurance coverage with us so we can properly identify the coverages and explain what may be necessary to add or eliminate. The goal is to provide information to improve their coverage so that individuals can better protect themselves and their loved ones in case of an accident.
If you have a recommendation for a “Lunch & Learn” location, please contact Brittani daCamara at (770) 427-5498 for availability. Jones & Swanson will be happy to cater lunch and examine each policy to provide free insight and suggestions.
If you have any questions about your automobile insurance, please give us a call at (770) 427-5498.