Car AccidentWhen you’re traveling through Georgia, be on the lookout for drivers. If you’re in a car accident here, you may be surprised to learn that car accidents are handled a little bit differently than in some states you might be used to driving through.

Georgia’s At-Fault Rules

Georgia has unique at-fault rules. At-fault drivers are liable for any personal injury or any property damage that is the result of a auto crash or accident. The insurer will first try to pay the claim out of the policy before assigning liability to the individual personally. In Georgia, an injured person can either file a claim with his or her insurer, file with the other drivers’ insurer directly, or file a personal injury lawsuit in civil court.

The Minimum Requirements In Georgia

In Georgia, all drivers must carry at least $25,000 in personal injury for the injury or death of another person. While this is the state minimum, this is usually insufficient if injury or death actually occurs. A $50,000 minimum limit for injury or death of more than one person is also required. Finally, all drivers must carry $25,000 in liability coverage for property damage.

These limits might seem low, and they are. Most accidents, unless they are very minor, can easily exceed these minimum dollar amounts. Any amount not covered by insurance will be covered by the individual, personally.

Time Limits

Generally speaking, you have two years after a car accident to file a personal injury lawsuit in Georgia. You have four years after a car accident for filing a lawsuit for property damage. But, you should always speak with an Atlanta car accident lawyer before you make any final decisions about whether or not you’re still able to file suit. Some circumstances may alter the way you file or your time limits.

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Life Insurance MythsSome consumers avoid thinking about their family’s need for life insurance because it requires them to consider their own mortality, and unfortunately, that prevents them from educating themselves on the topic. There are certain life insurance myths that lead many to misunderstand its purpose, cost and availability.

There is also a healthy amount of distrust regarding the insurance industry as a whole. This may be because, in exchange for your hard-earned cash (premiums), consumers simply get a promise. Insurance is not tangible – it is a financial instrument with an “if-then” statement. If something bad happens, then you get a payout. If nothing bad happens, then you got peace of mind and not much else.

This “trust” issue isn’t helped by the fact that everyone knows someone who has dealt with a sleazy insurance salesman or agent/broker.

The following will help dispel a few prevalent life insurance myths.

The life insurance you get through work is enough.

Most employers provide 1 or 2 times your annual salary in life insurance coverage, and that is simply not enough, unless you are single with no dependents. When calculating the amount of life insurance you need, a simple multiple of your income is not the precise financial analysis needed to determine the death benefit you should buy, but it can simplify the calculation and give you a ballpark.

For this reason, some financial experts may suggest that you buy up to 8, 12 or 15 times your annual salary for your family to maintain some semblance of their current lifestyle. To be more accurate, use this financial calculator.

Either way, the coverage you get through your benefits package at work is not enough, especially if you have mortgage payments, student debt, car loans, credit card debt, childcare costs, etc.

You should also consider the following: what if you change jobs and your next employer provides less protection, or even worse, doesn’t offer it at all? It might be possible to convert your policy into a private one purchased directly through the carrier, but as you get older, premiums will increase. Because age plays a critical role in a company’s actuarial tables, your new term policy in the future will inevitably be more expensive than it would be today.

Save yourself the trouble down the road – if you are young, healthy and definitely need life insurance, buy a private individual policy soon. [click to continue…]

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