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Finding Cheap Auto Insurance in Georgia That Complies with Minimum Insurance Requirements

Residents of the state of Georgia who lease or own vehicles are required to show proof of financial responsibility in order for the vehicles to be legally operated on state roads. This means that e...

Residents of the state of Georgia who lease or own vehicles are required to show proof of financial responsibility in order for the vehicles to be legally operated on state roads. This means that every vehicle owner must prove that they have the funds necessary to cover the damages resulting from an accident caused by their vehicle. Proof of financial responsibility is achieved by purchasing a liability insurance coverage from licensed and authorized insurance providers with the Office of Insurance and Fire Safety Commissioner, or by choosing to self-insure through the Office of Insurance and Fire Safety Commissioner.

 

Georgia motor vehicle owners must buy liability insurance for their vehicles complying with the state’s minimum requirements –coverage per person for bodily injury in the amount of $25,000, coverage for bodily injury per accident for more than one person in the amount of $50,000, and coverage for property damage in the amount of $15,000 per accident. And there are numerous insurance providers that offer cheap auto insurance in Georgiawhich complies with the state’s requirements. However, most vehicle owners realize how expensive hospitalization is including the medications and other medical services or the amount needed to repair damaged property as a result of an accident. Hence, despite the minimum requirements established by Georgia law, most vehicle owners opt to include additional coverage to maximize their protection from unnecessary financial losses.

 

Because of bad economic times, most vehicle owners will look for the cheapest car insurance in GA. With additional type of coverage added on to the liability insurance, the insurance premiums are likely to be higher than the liability insurance coverage. Hence, as they opt for liability insurance with additional coverage, they will naturally check for providers of cheap auto insurance in Georgia. But cheap does not mean cutting on the required insurance coverage benefits. Cheap insurance should have both the desired coverage and affordability.

 

In Georgia, the Department of Revenue requires that the insurance company submits the policy information via electronic communication to a statewide database as vehicle owners purchase their insurance. Such record serves as proof of financial responsibility of the motor vehicle owner purchasing the liability insurance regardless if it is the cheapest car insurance in GA. This information can be accessed online. On the other hand, in lieu of liability insurance, a motor vehicle owner can opt to self-insure in two ways – a DMV or Department of Motor Vehicles certified deposits or DMV bonds. Certified deposits are reserved savings account which will serve as the bond. It must be equal or greater than $50,000. Proof of this certified deposit may be presented to the Office of Insurance and Fire Safety of Georgia for the issuance of a self-insurance card. And this self-insurance card may be used for the vehicle registration.

 

On the other hand, motor vehicle owners may also purchase a bond directly with the Department of Motor Vehicles. The DMV guarantees that the funds are available when needed. The motor vehicle owner will receive a self-insurance card from the DMV which looks like a regular car insurance card except that it lists the vehicle owner or his company as the insurer and the information contained is that from the DMV and not the insurance company. SoPsychology Articles, any of these three options for getting the proof of financial responsibility will be accepted by the Office of Insurance and Fire Safety.

 

Source: Free Articles from ArticlesFactory.com

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