Warm-up: Insurance and Risk

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Presentation transcript:

Warm-up: Insurance and Risk Describe a time you or someone you know took a risk.

Insurance and Risk Insurance: protection against loss E.g. You pay $70 a month for car insurance. If you have an accident, your insurance pays for most of the damage.

Insurance and Risk Deductible—the amount you have to pay before insurance kicks in E.g. Before my auto insurance kicks in, I have to pay a $500 deductible

Insurance and Risk The more risk, the higher insurance payments (called premiums) you pay

Automobile Insurance What affects the cost of your car insurance? Age Gender Marital Status Type of Car Mileage Location Driving Record Grades

Automobile Insurance State requires you have auto insurance or else you have to pay a fine

Collision Insurance v. Comprehensive Car Insurance Collision insurance pays if you collide with another car, an object, etc.

Collision Insurance v. Comprehensive Car Insurance Comprehensive Car Insurance pays for everything other than damage caused by collision Natural disasters: storms, tornadoes, hurricanes, earthquakes, hailstorms; Fire, civil commotions, explosions; Vandalism and theft Damage from impacts with animals (deer, etc.); Broken / shattered windows and windshield; Falling objects Acts of God

Automobile Insurance How to reduce the cost of car insurance Increase the deductible

Automobile Insurance How to reduce the cost of car insurance Cancel collision insurance

Automobile Insurance How to reduce the cost of car insurance Garage the car

Automobile Insurance How to reduce the cost of car insurance Install security alarm

Automobile Insurance How to reduce the cost of car insurance Keep a good driving record

Automobile Insurance How to reduce the cost of car insurance Avoid submitting small claims

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