Insurance Basics
This is a contract between you and the insurance company.
What is car insurance?
What the dealer gets you to pay to secure the car
deposit
The car manufacturer's promise to help cover repairs for a set amount of time.
What is a warranty?
Seizure of the car by the bank.
What is repossession?
The most important thing to do before buying a car and signing a contract.
What is research?
The most expensive annual cost to operate a car annually.
What is fuel?
Money and things you own.
What are assets?
The price that appears on the window of the car.
What is the sticker price?
When the value of a car goes down due to wear and tear over time.
What is Depreciation?
The cost of your insurance policy.
What is a premium?
Something highly profitable for car dealers.
What are "extras"?
An offer the dealership gives you for a car.
What is a quote?
Pre-determined amount of money that you agree to pay before the insurance company will pay a claim.
What is a deductible?
The most common sales tactic used by car dealers.
The percent value a new car loses the second it is driven off the lot.
What is 15%?