Auto Insurance Financial Responsibility Law Do you have to have insurance? Why? What kind? 2 Major Types of Coverage Property (Comprehensive and Collision)

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Presentation transcript:

Auto Insurance Financial Responsibility Law Do you have to have insurance? Why? What kind? 2 Major Types of Coverage Property (Comprehensive and Collision) Bodily Injury (Medical Payments) Two Major Types of Policies Full** Liability

Body Injury Coverage Body Injury Liability $100,000/$300,000 Medical Payments Pays medical/funeral costs of injured Uninsured Motorist Protects you if the person at fault doesn’t have insurance or not enough to cover your damages

Property Damages Coverage Property Damage Liability Damage of others: Car, House, Telephone Pole Collision Insurance Pays for your vehicle damages (even if at fault) What policy is this covered under? Comprehensive Insurance Fire Theft Lightning Hail Vandalism

Other Things to Consider Deductable Car vs. Coverage Affordability What affects this?  Age……what else???? Provider

Auto Insurance Assignment Create a chart that compares 3 different auto insurance coverage One person in group MUST have a car

Buying a car Things you’ll need to know first: 1. Exact price paying for car 2. Amount you finance (cash down?) 3. Finance Charge 4. APR 5. # of Payments 6. Amount of Payments 7. Total Price (Price + Interest)

Other things to consider 1. Worth before buying being stuck with payments and broke car 2. Warranties 3. Payment you can afford 4. Vehicle maintenance (foreign cars vs. domestic) 5. Gas mileage 6. Trade in value vs. selling to private seller 7. Consumer Reports 8. Future Value

4 major car terms Invoice Price What dealer pays for vehicle Usually lower than stated because of rebates, incentives, etc Base Price Price of car with basic options MSRP Price All costs added together Required by law on new cars Dealer Sticker Price MSRP with extra options (leather, etc)

Leasing instead of buying Specific # of months Specific # of miles Turn it in or Purchase Vehicle Be careful of: Excessive Mile charges Excessive Damage charges Ending lease early You don’t OWN a car

Assignment Car Buying Individual Assignment Find 3 cars, 2 within 25k budget, 1 as expensive as you want and find the monthly payments.

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