Upload
wao-high-school
View
70
Download
1
Embed Size (px)
Citation preview
Liability coverage protects you whether you are driving your own car
or someone else’s car
© EMC Publishing, LLC
Collision coverage is usually the least expensive portion of an auto insurance
policy.
© EMC Publishing, LLC
A homeowner’s policy includes liability protection whether you are at
home or elsewhere.
© EMC Publishing, LLC
Renters do not need property insurance b/c they don’t own the building where
they live.
© EMC Publishing, LLC
© EMC Publishing, LLC
Auto InsuranceTypes of Coverage
• Comprehensive–Parked
–Natural disasters
–Vandalism
–Stolen
–Animals
© EMC Publishing, LLC
Auto InsuranceTypes of Coverage
• Other–Rental –Towing–Medical payments–Personal injury protection (PIP)–Uninsured / underinsured motorists–Assigned-risk policies
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Exclusions
• Premium
• How much of each kind?–Required kinds vary by state
–Most require BI / PD ($ amounts vary)
© EMC Publishing, LLC
Which kind of auto insurance covers the damage to your automobile should you be in an accident while driving your car down the street?
A. Bodily injury
B. Property damage
C. Comprehensive
D. Collision
E. PIP
© EMC Publishing, LLC
Which kind of auto insurance covers the damage to your automobile should you be in an accident while driving your car down the street?
A. Bodily injury
B. Property damage
C. Comprehensive
D. Collision
E. PIP
© EMC Publishing, LLC
What do you think?Discussion
© EMC Publishing, LLC© EMC Publishing, LLC
• What is the minimum auto insurance your state requires to operate a vehicle?• Why should you carry more than the
minimum? Will a finance company require more?• When should you drop collision and
comprehensive coverage?
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Factors–Driver• Age
• Marital status
• Gender
• Driving record
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Factors–Where driver lives• Urban• Suburban• Rural
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Factors–How much driving• Commuting to work
• Pleasure driving
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Factors– Type of vehicle
• Sports vs. standard
• Safety features
• Accident rates
• Theft rates
• Repair costs
© EMC Publishing, LLC
Auto InsuranceBuying Auto Insurance
• Controlling your cost– Good student discount
– Clean driving record
– Safety feature discount
– Multiple-car discount
– Higher deductibles
– Consider dropping collision /comprehensive
© EMC Publishing, LLC
Accident Kit
• Your vehicle registration card (issued by the state)• A card verifying that you have insurance• A pen and paper for taking notes• A disposable or digital camera (or cell phone) for
taking pictures of the accident• Contact information for a person who should be
notified in case of emergency• Medical information for emergency responders• Phone numbers of local police / fire / ambulance if no
911 service
© EMC Publishing, LLC
Which of the following is not suggested for your accident kit?
A. Car registration
B. Insurance card
C. Disposable camera
D. Medical information card
E. All of these should be in your accident kit.
© EMC Publishing, LLC
Which of the following is not suggested for your accident kit?
A. Car registration
B. Insurance card
C. Disposable camera
D. Medical information card
E. All of these should be in your accident kit.
© EMC Publishing, LLC
What do you think?Discussion
© EMC Publishing, LLC© EMC Publishing, LLC
• What other tips do you have for dealing with an accident?
• What other tips do you have for controlling the cost of auto insurance?
• Why do teenagers (especially males) pay more for auto insurance? Is that fair?
© EMC Publishing, LLC
Home InsuranceTypes of Coverage
• Physical structure
• Personal property– Actual cash value (depreciation)
– Replacement cost value
• Liability
• Living expenses
TV new 1990 = $250Depreciation = -$200Insurance check = $50
© EMC Publishing, LLC
Home InsuranceTypes of Coverage
• Homeowner’s
• Renter’s
• Condominium
• Manufactured home
© EMC Publishing, LLC
Home InsuranceHow Much Coverage?
• Rebuilding home
• Personal possessions
• Living expenses while rebuilding
• Liability to others
© EMC Publishing, LLC
Home InsuranceControlling Costs
• Install home security devices.
• Take out multiplepolicies with thesame company.
• Use fire-resistantmaterials.
© EMC Publishing, LLC
Home InsuranceInventory
• Make a list.• Videotape / photograph
everything.• Keep a copy
in a secure place.–Safety deposit box–Work / relatives / friends
© EMC Publishing, LLC
Home InsuranceCan’t Get Insurance
• High risk–Flood
–High crime
–Older home – not up to code
• FAIR Plan (state)
© EMC Publishing, LLC
What do we call the type of coverage that replaces a lost TV with the same new TV regardless of cost?
A. Actual cash value
B. New cash value
C. Replacement cost value
D. PIP
E. Liability cost value
© EMC Publishing, LLC
What do we call the type of coverage that replaces a lost TV with the same new TV regardless of cost?
A. Actual cash value
B. New cash value
C. Replacement cost value
D. PIP
E. Liability cost value
© EMC Publishing, LLC
What do you think?Discussion
© EMC Publishing, LLC© EMC Publishing, LLC
• Should the federal government pay for flood insurance in coastal areas that are often hit by hurricanes?• Do you keep records of what you own?
Why or why not? If you do, where do you keep them? • Why do renters need insurance?