1. Presented By Andrew Aguilar, Jimmy Hickert, Megan Rokusek

3. Section 1

4. Risks of Having a Vehicle - could damage vehicle or others property -vandals could steal or damage vehicle -could be sued by others Not Having Insurance = Greater Risk - treating someone or paying for someone's things could cause you to lose all your assets -Accidents are unavoidable and will happen Motor Vehicle Risks

5. -person legally a fault is liable for damages and financial losses -if you are found liable and have insurance -provide legal defense -they pay for all damages up to the limits -individual states regulate laws related to vehicle insurance Motor Vehicle Risks

6. Financial Responsibility -every state has a financial responsibility law -if you caused an accident and cannot pay, legal system takes action -savings or property could be taken -driver’s license suspended or taken away Motor Vehicle Risks

7. Compulsory Insurance -most states require drivers to carry auto insurance -it’s compulsory that an automobile owner has insurance -compulsory insurance laws may not allow a driver to register a car without proof of insurance Motor Vehicle Risks

8. There are 2 categories of auto insurance -Personal Injury Coverage -Property Damage Coverage Automobile Insurance Coverage

9. Personal Injury Coverage -Bodily Injury Liability -is insurance that protects a driver from injuries or deaths for which the insured is at fault -covers people in other cars, any passengers, and pedestrians -insured and the insured immediate family are not covered -coverage is expressed as 2 numbers Automobile Insurance Coverage 100/300

10. -Medical Payments Protection - policyholders and family members are covered if they are injured while riding in their car or another -may also cover them if walking and hit by car -policy protects guests in the insured car -this protection covers medical, dental, ambulance, hospital, nursing, and funeral services -payment is made no matter who is at fault Automobile Insurance Coverage

11. -Uninsured Motorist Protection - injuries can be caused by hit-&-run or drivers w/out insurance -available only to people who hav bodily injury insurance -covers policyholder, family members, & guests in car -covers insured person only if uninsured is at fault -payment is made no matter who is at fault Automobile Insurance Coverage

12. Property Damage Coverage -Property Damage Liability -protects driver against claims if insured car damages someone else’s property & insured is at fault -this doesn’t cover damage to the insured car Automobile Insurance Coverage

13. -Collision Insurance -protects a car owner against financial loss -doesn’t cover injuries to people or damage to others property -Coverage is usually written w/ a deductible clause Automobile Insurance Coverage $2,500 -$500 $2,000

14. -Comprehensive Coverage -protects the insured against almost all damage losses except those caused from a collision -if car is stolen or destroyed amount paid wont = amount paid for car -insurance pays for estimate value of car Automobile Insurance Coverage

15. No-Fault Insurance Laws -adopted to reduce insurance costs and speed up claims -people in accident collect for their financial losses from their own insurance companies - types of loses include -medical bills -loss of wages -other related expenses Automobile Insurance Coverage

16. Insurance Rates -factors to determine automobile insurance cost -age -purpose for which you use the car -number of miles you drive each yr -value and type of car -community in which you live -amount of coverage and deductibles Automobile Insurance Costs

17. Reducing Auto Insurance Costs -planning insurance purchases = saved money -companies will decrease extra charges for young drivers who complete an educational course -young drivers, in some states, can receive student dicounts Automobile Insurance Costs

18. Selecting a Company -COMPARE rates -companies may offer lower rates -family insures more than one car -have different type of insurance in company -buying packages in bigger bulks -buying a month is more expensive than a yr Automobile Insurance Costs

19. Assigned-Risk Plans -every state has this -company assigned a number of high-risk drivers -based on number of customers -insure a fair portion of them -drivers in high risk categories pay much higher premiums Automobile Insurance Costs

20. Insurance for Others Vehicles -most important insurance -bodily injury liability -property damage liability -collision -comprehensive physical damage insurance -engine size and value of car are key factors in determining price Automobile Insurance Costs