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Vehicle Insurance. Chapter 14 , 14-2. All states have a financial responsibility law. This means you will be held responsible for damage you cause to other people and their property.

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Vehicle insurance

Vehicle Insurance

Chapter 14, 14-2


About the risks

All states have a financial responsibility law. This means you will be held responsible for damage you cause to other people and their property.

This may be satisfied through the suspension of your license, and the possession of your property and savings.

About the Risks


Compulsory insurance

Some states require you have a minimum amount of insurance to obtain a license.

Compulsory insurance


Personal injury coverage bodily injury

Includes: to obtain a license.

bodily injury (protects your from claims of injury or death when you are at fault).

Covers people in other cars and pedestrians.

Expressed as a fraction, numbers show limit insurance will pay out to one person, and maximum of total claim in thousands of dollars.

Ex. 100/300

Medical Payments Protection (covers injury to policy holder and family) no matter who is at fault.

Uninsured Motorist Protection (protects policyholder if person at fault has no insurance.

There is also underinsured motorist coverage.

Personal injury coverage—bodily injury


Property damage coverage

Property damage liability to obtain a license.covers you if you damage someone else’s property (usually the other person’s car).

Does not cover damage to your own car.

Collision insurance protects against financial loss from a collision.

Often comes with a deductible

Comprehensive coverage covers loss from things like fire, flood, theft or vandalism.

Property damage coverage


No fault insurance laws

This means regardless of who is at fault, you collect from your own insurance company.

This speeds up the claim process and reduces the cost of insurance.

No fault insurance laws


Insurance rates factors that affect what you pay
Insurance Rates—factors that affect what you pay your own insurance company.

  • Age

  • Accident record

  • Marital status

  • Academic standing

  • Credit rating

  • Purpose of vehicle

  • Number of miles driven

  • Value and type of car

  • Community you live in

  • Amount of coverage and deductibles


Reducing your insurance costs

Things that could help: your own insurance company.

taking a drivers ed course

good grades

good driving record

using same company and plan as parents

Reducing your insurance costs