Before your insurance company will pay for damages on your vehicle, you must pay this on a claim
What is a Deductible
100
You get in a fender bender in the parking lot. Your car suffers 500 in damage. You have a 500 deductible. How much will your insurance company pay to fix your car?
What is 0
100
What groups have the highest insurance rates
What are teens and senior citizens
200
What it would cost to replace a piece of property, or rebuild a structure
What is Replacement Cost
200
The price a factory charges a dealership for a car
What is Dealer Invoice
200
You hit a deer and it damages the front end of your car.
What is Comprehensive
200
You cause an accident and injure 2 people. Their costs are $350,000. Your insurance states that it has a maximum coverage of $300,000 per accident. How much money will you have to pay out of your pocket?
What is $50,000
200
When it comes to accidents and insurance claims, Michigan uses this type of system
What is No-Fault
300
A cause of loss
What is a peril
300
This is when you owe more on a vehicle than it is worth
What is being upside down
300
A hit-and-run driver smashes into your vehicle causing damage
What is Uninsured/Underinsured motorist
300
You need to rent a car because your car is getting fixed after an accident. Your comprehensive insurance coverage is $25.00/ day with a max of $500.00. You rented the car for $30.00 for 10 days. How much out of pocket do you need to pay?
What is $50.00
300
2 places you can get funding for buying a new car
What is any of the following: Bank, Credit Union, Dealership, friends, own savings
400
Insurance designed to pay for the repair or replacement of the policy policyowner's car in the event of damage not resulting from an accident
What is Comprehensive Coverage
400
A reference book that lists the prices of used cars
What is Blue Book
400
You get in an accident and hit a telephone pole. Nobody is hurt; however, your car suffers extensive damage.
What is Collision
400
You are injured in an accident in which it is the other driver's fault. Your costs are $55,000 in medical bills. The other driver has $25,000 in bodily-injury liability insurance. You have $25,000 uninsured/Underinsured coverage on your policy. You must pay this out of your pocket.
What is $5,000
400
What are two things you should do before purchasing a used vehicle?
What are look up values in blue book, look up similar cars, maintenance history, maintenance costs to get Total Cost of Ownership
500
In auto insurance, liability coverage that pays for physical injury to people policyin other vehicles
What is Bodily Injury Liability
500
A fixed fee which reflects the average cost a dealer pays for the shipping and delivering of a new car
What is Destination Charge
500
You get in an accident which is the other driver's fault. You and your passenger are hurt and seek medical attention.
What is the other driver's Bodily Injury Liability
500
You are in an accident which is the other driver's fault. You suffer $20,000 in medical costs. How much does your bodily injury liability pay?
What is 0 (the other person's pays)
500
When applying for used car loans, what are 2 factors that you need to take in to consideration when deciding which loan to take?