Looking at Insurance:Auto and Home

Chapter 9

*Risk Factors – Auto Insurance costs

Rating TerritoryDriver Classification

AgeGenderMarital status

Driving recordCar use

*Risk Factors – Auto Insurance costs

Age and kind of carClaims historyAssigned riskDeductibles and limits

Activity A page 170 - 171

*Types of Auto Insurance

1. Liability Property damage Bodily injury

2. Collision Coverage3. Comprehensive4. Medical Payments5. Uninsured Motorist

Activity B – Page 173 - 174

Decreasing auto insurance costs

Higher deductiblesAvoid sports carsDiscounts

GradesMulti-car

Compare companies

No-fault insurance

Colorado recently changed from no-fault to a liability system.

Advantages and Disadvantages to each system

What to do if accident

1. Contact police immediately

2. Exchange insurance info w/other driver

3. Get names and phone of any witnesses

4. Report to insurance company

Activity C page 177

Home and Property insurance

Property protection – pays for losses to home and other property

Liability protection – covers injury to people or other’s property

Renter’s insurance – covers personal property and liability

Amount of Coverage

Should insure home for about 80% of the value

Replacement cost coverageFloater policy for expensive items

Activity D page180