Automobile Insurance Types and Costs Brandon Dye Wednesday December 5, 2007 Outline of Lesson Financial Responsibility Law Penalties For Violation of Financial Responsibility Law Types of Insurance Coverage Insurance Costs Financial Responsibility Law
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Wednesday December 5, 2007
Suspension of driver’s license and vehicle registration
High insurance premiums for the next three years
If you cause a collision you may be responsible for the losses by other people
If you cannot afford to pay for other people’s losses objects of value may be taken from youPenalties For Violation of Financial Responsibility Law
Pays to replace or fix owner’s car if it is stolen or damaged by causes other than a collision such as fire, vandalism, or hail.
Coverage is limited to the actual cash value of the owner’s car minus the deductible.
Towing and Labor
Pays for towing charges when the owner’s car is disabled.
Also covers labor charges, such as changing a tire at the location the owner’s car became disabled.Comprehensive and Towing/Labor Coverage
Pays for renting a vehicle if the owner’s car is disabled for over 24 hours because of a collision or comprehensive loss (fire/theft)
Loss of Use
Reimburses you for paying a car rental company for loss of use of a rental car, usually from a crash.Rental Reimbursement and Loss of Use Coverage
Drivers under the age of 25 pay high insurance rates.
Males are more likely to get in an accident, thus pay more than females.
Being single, having a sports car or SUV makes increases rates.
Students who receive good grades may lower premiums
Vehicle use and location are also taken into count.
Credit history and coverage selection may affect cost as well.Factors that Influence Insurance Cost