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 4 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
Automobile Insurance Managing the Risk.
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.
G1 © Family Economics & Financial Education – Revised February 2009– Transportation Unit – Automobile Insurance Funded by a grant from Take Charge.
Insurance Ways to deal with personal and financial risk…
Automobile Insurance: The Basics. What is the likelihood you will be in an automobile accident? There are more than 12 million motor vehicle accidents.
Are You Ready to Drive? Ask yourself…Ask yourself… –Do I have a license? –Is my car registered? –Am I covered by auto insurance?
Auto Insurance. Insurance Basics Insurance is a way of planning for the unknown Why do we need auto insurance? Accidents can be VERY expensive.
Car Stuff. Auto Insurance – Basic Types Bodily injury liability: –Pays for injuries you cause to someone else. This is usually required. Property damage.
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.
Auto Claims The at fault driver of a vehicle that damages other property or injures other people is liable for the cost of repairs. North Carolina financial.
Collisions and Insurance. Stop immediately Assist the injured Control the scene Notify the police Exchange information Duties If Involved in a Crash Notify.
Chapter 33 Vehicle Insurance pp Introduction to Business, Chapter 33 Slide 2 of 60 Why It’s Important Most states require you to have some form.
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.
Homeowners and Auto Insurance
Vehicle Insurance Chapter 33. Types of Vehicle InsuranceLaws on Vehicle InsuranceThe Costs of Insurance Basics Bodily Injury Liability Property Damage.
Managing Your Personal Finance UNIT 2: GETTING YOUR FIRST CAR Topic: CAR INSURANCE.
Auto and Home Insurance Click to add subtitle. Objective Given instruction, the learner will explore the functions and benefits of different types of.
Stock Market Analysis and Personal Finance Mr. Bernstein Motor Vehicle Insurance, pp June 8, 2015.
T-19.0 Driving Through A New Century Topic 1 Insuring Vehicle Topic 2 Purchasing Vehicle INSURANCE.
© 2018 SlidePlayer.com Inc. All rights reserved.