We think you have liked this presentation. If you wish to download it, please recommend it to your friends in any social system. Share buttons are a little bit lower. Thank you!
Presentation is loading. Please wait.
Published byTyler Meyer
Modified over 3 years ago
© 2005 Consumer Jungle Lesson Three: Insuring a New or Used Car
© 2005 Consumer Jungle Auto Insurance Based on Risk & Loss Why do you need it? –To financially protect yourself, others, and your car in the case of an accident. –State Law What well cover: –Types –Pricing & Discounts
© 2005 Consumer Jungle Types of Auto Insurance Liability Collision & Comprehensive Medical Payment, Personal Injury, and No-Fault Uninsured or Underinsured Motorist Rental, Towing, and GAP Coverage
© 2005 Consumer Jungle Liability Insurance Covers bodily injury or property damage that YOU cause to another person and/or vehicle. 100/300/50 $100,000 bodily injury coverage per person Limit of $300,000 bodily injury coverage per accident Property Damage Limit of $50,000
© 2005 Consumer Jungle Collision & Comprehensive Required if you finance your car Covers the cost to repair YOUR car if YOU are at fault in an accident. Dont need this insurance if the cost (premium & deductible) exceeds the value of the car. Comprehensive covers the costs to repair your vehicle for damage that might occur from: –Natural disasters –Vandalism –Theft –Fire –Animal hitting the vehicle (i.e. deer) –Falling Object –Glass Coverage
© 2005 Consumer Jungle Medical Payment, Personal Injury, and No-Fault Medical Payment covers YOU and YOUR passengers if you were at fault in an accident. Personal Injury covers lost wages if you cant work as the result of an accident. No-Fault allows policyholders to submit a claim to their insurance company for reimbursement, instead of waiting to see whos fault it is.
© 2005 Consumer Jungle Uninsured Motorist Covers YOU if someone injures you or damages your car and they either: –Are a hit-and-run driver –Dont have any insurance –Cause you injury/damages beyond their policy limits (Underinsured Motorist)
© 2005 Consumer Jungle Rental, Towing, and GAP Coverage Rental covers the cost of renting when your car is in the shop for a covered loss. Towing will pay for towing –Limits apply GAP Coverage will pay for the loan balance on your car if it is totaled and you owe more on it than it is worth.
© 2005 Consumer Jungle How Insurance is Priced Coverage as a % of Premium –40% - 50% of Premium: Liability –30% of Premium: Collision –12% of Premium: Comprehensive
© 2005 Consumer Jungle Good Student Discount Good grades correlate with good driving habits. > 3.0 for the most recent quarter (doesnt have to be cumulative GPA) 17 – 20% discount on insurance.
© 2005 Consumer Jungle Save on Insurance Choose a higher deductible and pay a lower monthly premium. –Try a $500 or $1,000 deductible. Choose a safe car –Sports or muscle cars with a low weight to high horsepower ratio cost more to insure. Take a Drivers Ed course Apply with good credit
© 2005 Consumer Jungle Your Parents Policy Cant own a car until you are 18 years old. Parents will be registered owners. On your parents policy youll get: –Long-term credits –Multiple-car discount –Multiple-policy discount
© 2005 Consumer Jungle Getting a Quote Give the insurance agent specific information to get a quote: VIN # is the best Year, make, model Features like anti-lock breaks and airbags will lower your insurance premium.
© 2005 Consumer Jungle Monitoring Driving Habits Event Data Recorders (EDRs) aka Black Boxes Parents can monitor their kids driving Connects to vehicles On- Board Diagnostics II port Records –Acceleration –Braking –Cornering Forces Sounds alarm to driver at preset limits. Information downloads to computers
© 2005 Consumer Jungle Insuring a New or Used Car.
Lesson Three: Insuring a New or Used Car. Auto Insurance Based on Risk & Loss Why do you need it? –To financially protect yourself, others, and your car.
Auto Insurance Information Mr. Blais Law and You.
Are You Ready to Drive? Ask yourself…Ask yourself… –Do I have a license? –Is my car registered? –Am I covered by auto insurance?
Managing Your Personal Finance UNIT 2: GETTING YOUR FIRST CAR Topic: CAR INSURANCE.
What is covered by a basic auto policy?. 1. Bodily Injury Liability This coverage applies to injuries that you, the designated driver or policyholder,
Car Insurance. Premium and Deductable Premium is your monthly/semiannual/yearly fixed payment Deductable is the amount you pay out of pocket when filing.
G1 © Family Economics & Financial Education – Revised February 2009– Transportation Unit – Automobile Insurance Funded by a grant from Take Charge.
Auto Insurance. Insurance Basics Insurance is a way of planning for the unknown Why do we need auto insurance? Accidents can be VERY expensive.
So, just how well do you know the ins and outs of your own auto insurance policy? To find out, take this simple quiz: Created by USAA insurance.
Unit 11 Insurance North Carolina Driver and Traffic Safety Education Association 1 INSURANCE UNIT 11.
Automobile Insurance Managing the Risk G1 © Family Economics & Financial Education – Revised February 2009– Transportation Unit – Automobile Insurance.
Car Insurance Terms to know: Terms to know: Financial Responsibility Laws Financial Responsibility Laws Premium Premium Deductible Deductible.
Automobile Insurance Managing the Risk. True or False? The motor vehicle death rate per 100,000 people is especially high among year-olds and people.
Risk Management and Insurance: Auto Insurance. Auto Insurance Required by law in New Jersey.
Chapter 38 Vehicle Insurance. Economic Risks of Owning a Car Accidents, theft, law suits Accidents, theft, law suits All are risks that come with owning.
Managing the Risk G1 © Family Economics & Financial Education – Revised February 2009– Transportation Unit – Automobile Insurance – Slide 2 Funded.
Managing Your Personal Finance UNIT 3:3 GETTING YOR FIRST CAR Topic: CAR INSURANCE.
Auto Insurance Note Information in this presentation is derived from Insurance for Dummies by Jack Hungelmann. I highly recommend this book.
Automobile Insurance Managing the Risk G1 © Family Economics & Financial Education – Revised November 2004 – Transportation Unit – Automobile.
Stock Market Analysis and Personal Finance Mr. Bernstein Motor Vehicle Insurance, pp June 8, 2015.
V EHICLE I NSURANCE Chapter 14, A BOUT THE R ISKS All states have a financial responsibility law. This means you will be held responsible for.
Personal Finance FIN 235. LEARNING OBJECTIVES A. What is insurance? B. Why do we need insurance? C. What is the risk management process? D. How does insurance.
Auto Insurance. POP QUIZ!!!! GET OUT PENCIL AND PAPER!
Car Stuff. Auto Insurance – Basic Types Bodily injury liability: –Pays for injuries you cause to someone else. This is usually required. Property damage.
Unit 8: INSURANCE. 1. According to the Unit 8 reading: Risk is defined as ….. Chance of loss from some type of danger.
Insurance Take Charge of Your Finances G1.
INSURANCE Reimbursement for personal or financial loss.
Auto Insurance Policy Pre Test. Bodily Injury Property Damage Collision Coverage Comprehensive Coverage Uninsured Motorist Coverage This coverage provides.
Insurance and Investments Lesson 5. Insurance Why is it important? –Risk: chance of loss from some type of danger Can be reduced (helmet, seatbelt, locked.
Seminar: Timely Topics for Today’s Business World Mr. Bernstein Motor Vehicle Insurance January 21-22, 2015.
RISK, RESPONSIBILITY, REALITY REALITY How Insurance Works.
Vehicle Insurance Chapter 38. Economic Risks of Owning a Car Risks – Accident Damage to yourself Damage to your vehicle Damage to others Damage to others.
T-19.0 Driving Through A New Century Topic 1 Insuring Vehicle Topic 2 Purchasing Vehicle INSURANCE.
Chapter 22 Homeowners and Auto Insurance. Risk-Management Methods Section 1Insurance and Risk Management Chapter 22 Home and Motor Vehicle Insurance Methods.
Automobile Insurance: The Basics. What is the likelihood you will be in an automobile accident? There are more than 12 million motor vehicle accidents.
Collisions and Insurance. Stop immediately Assist the injured Control the scene Notify the police Exchange information Duties If Involved in a Crash Notify.
Insurance Are you ready for an accident? Senior Advisory – May 4, 2015.
VEHICLE INSURANCE. Why It’s Important Most states require you to have some form of vehicle insurance. To get the best value, you need to know the choices.
Insurance Ways to deal with personal and financial risk…
AUTO INSURANCE INSURANCE= GUARDS AGAINST BIG LOSSES.
Vehicle Insurance Section 9-4. Who or What is Protected? / You / Your vehicle / Another person / Another’s property / You / Your vehicle / Another person.
Agribusiness Library LESSON L060084: VEHICLE INSURANCE.
Objective Interpret the nature, theory, and different types of insurance Automobile Insurance AUTOMOBILE INSURANCE.
Liability coverage – covers liability and expenses when you’re at fault in an accident Bodily Injury Liability (BIL) – pays for the medical expenses of.
So here you are… It’s a beautiful sunshine-filled day…. You’re driving along….
© 2017 SlidePlayer.com Inc. All rights reserved.