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14 Jul 2019

What are the financial implications of having inadequate liability insurance?

How can a person reduce the cost of property insurance when buying a home or having one built?

Why does a deductible reduce the cost of collision and comprehensive insurance?

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Sixta Kovacek
Sixta KovacekLv2
16 Jul 2019

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Kevin was involved in an auto accident in which he was at fault. His own car sustained $3,696 damages and the other vehicle cost $2,083 to repair. Kevin was not injured, but the driver of the other car required medical treatment costing $32,103. There was additional property damage in the amount of $413. Kevin's policy includes 25/50/25 liability, $250 deductible collision, and full coverage comprehensive. How much of the damages must the insurance company pay?


a.) $3,696.00


b.) $3,446.00


c.) $25,000.00


d.) $30,942.00

Insure Your Property! Adequate property insurance is a vital part of financial planning. It helps protect our hard-earned investments in a home, car, or other property. This project will help you determine your property insurance needs. List the property for which you'd need insurance coverage. Your list may include such things as a home, car, boat, motorcycle, or household items. Besides each entry, list the insurance you currently have in place on each. Then examine the depth of coverage of your policies. Is this coverage adequate? What are its exclusions and limits? What are the costs? Can you do something to lower these costs? If you don't have coverage or if your coverage is inadequate, research various policies . If you rent a place to live, do you have renter's insurance? If not, tally up what it would cost you to replace all your household items and then find several quotes for renter's insurance.

Rob Worley of Richmond, Virginia, is a divorced 40-year-old loan officer at the Dominion Bank; he has a 16-year-old son. He has decided to use his annual bonus as a down payment on a new car. One Saturday afternoon in late December, he visits University Auto Mall and buys a new car for $28,000. To obtain insurance on the car, Rob calls his agent, Karen Cunningham, who represents Charter Insurance Company, and explains his auto insurance needs. Karen says she’ll investigate the various options for him. Three days later, Rob and Karen get together to review his coverage options. Karen offers several proposals, including various combinations of the following coverages: (a) basic automobile liability insurance, (b) uninsured motorists coverage, (c) automobile medical payments insurance, (d) automobile collision insurance, and (e) comprehensive automobile insurance.

Objectives • Describe the key features, policy limits and persons insured of 5 important car insurance. • Apply what you have learned on automobile insurance to real life saturation. Questions

1. Describe the key features of these insurance coverages: (a) basic automobile liability insurance, (b) uninsured motorists coverage, (c) automobile medical payments insurance, (d) automobile collision insurance, and (e) comprehensive automobile insurance. There are 5 types of insurance, each is worth 10 points. 50 points

2 Are there any limitations on these coverages? Explain. There are 5 types of insurance, each is worth 3 points.

3. Indicate the persons or property that would be protected under each type of coverage. There are 5 types of insurance, each is worth 3 points.

4. What kind of insurance coverages would you recommend that Rob purchase? Explain your recommendation.

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