Types of Insurance
Name 2 things that can affect your car insurance rate
Speeding tickets
driving more
Type of car
Leasing a car
What do they call the process of taking a car away from somebody if they didn't pay on their loan?
True or False. Leasing a car usually is for a 3 year term.
If you have to get a loan to purchase a car, this is called ___________
What is Financing
True or False. Buying a new car is always better than buying a used car.
What is False
This type of car insurance pays for damages to other's people cars if YOU are at fault. But will not pay for damages to YOUR car.
What is liability
What is the Lemon Law
Name 2 advantages to buying a car instead of leasing
What is you own the car, can drive as much as you want, can change the car
Name 2 places you can get financing for a new car.
What is a dealership, bank, credit union
What is collision
This type of car insurance pays for damage to from losses due to fire, vandalism, theft, and almost any other issue that you dont have control over.
What is Comprehensive
What is the name for a used car that has been tested, certified, inspected and is sold at the dealership.
What is Certified Pre-Owned Car
Name one negative thing about leasing a car
What is can't make any changes, mileage requirements,
True or False. A higher interest rate on your loan means a lower monthly payment.
What is False
What is a written agreement to the buyer that if anything goes wrong with the car within a stated period of time, the manufacturer will pay for all costs.
what is Warranty
You are hit in an accident by another driver. At the hospital, you discover the other driver driver doesn’t have insurance to cover your medical bills. That’s when I kick in!
What is uninsured/underinsured
True or False. New cars depreciate much faster than used cars.
What is True
What are you actually paying for each month when you are leasing a car?
What is the deprectiation of the car and interest.
What is the name of the website that gives acccurate info on new and used cars values.
What is Kelly Blue Book
or Edmunds
What do they call it when new cars lose 10% of their value when driven off the lot and 10% every year.
What is depreciation
I’m the one you call when you cause damage to other people and vehicles. I protect others… against you in case an accident is your fault . But I won’t pay for any damage to your car or body.
What is liability
What month is best to buy a new car in?
What is December
In this scenario, you make a large initial payment and own the asset outright, gaining equity over time but facing higher upfront costs.
What is buying?
This is what range typically qualifies borrowers for the most favorable interest rates when financing a car, with scores above 700 considered excellent.
What is a credit score?
Jonny is driving home when another driver runs a red light and collides into his vehicle. He sustains injuries, requiring medical attention, and needs to visit a doctor for treatment. What type of car insurance would Johnny need to cover this type of accident?
What is Personal Insurance Protection