Risk Management and Insurance: Auto Insurance

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Risk Management and InsuranceAuto Insurance
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Auto Insurance

• Required by law in New Jersey

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AUTO INSURANCE Coverages

• Liability coverage
• to pay for losses caused to others
• If you are at fault in an auto accident
• Has a limit per person and per accident
• Ex. 50,000/100,000
• Ex. 100,000 Single limit

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AUTO INSURANCE Coverages

• No Fault (or Personal Injury Protection) Coverage
  
• to pay YOUR medical expenses when YOU are injured
  in an accident
• It doesnt matter who is at fault
• 250 Deductible is standard

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AUTO INSURANCE Coverages

• Collision Coverage
• to pay for damage to your car during an accident
• It doesnt matter who is at fault, collision is
  paid out of your policy
• Choose your deductible amount

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AUTO INSURANCE Coverages

• Comprehensive Coverage
• to pay for damage to your car NOT occurring in an
  accident
• Theft
• Vandalism
• Window breakage
• Choose your deductible amount

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AUTO INSURANCE Coverages

• Other Coverages
• Rental
• Towing
• Uninsured and Underinsured Motorists
• to pay for damage to your car NOT occurring in an
  accident
• Theft
• Vandalism
• Window breakage
• Choose your deductible amount

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Auto Insurance The Cost

• Cost is based on many factors
• Number of tickets and/or accidents,
• Type and use of vehicle
• Location (urban/suburban/rural)
• Age and gender
• Insurance amounts purchased

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Auto Insurance How to lower your premiums

• Increase your deductibles
• The more out of your pocket, the less the insurer
  pays, so the lower your premium
• Lower your limits
• The lower your limit, the less the insurer pays,
  so the lower your premium

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Research premiums

• Go to Progressive.com and obtain an auto
  insurance quote
• Use only your first name and 1st two letters of
  your last name!
• Use the school address
• Do NOT include your phone number or social
  security number
• Use the scenario cards to complete the
  information needed for a quote
• Follow the directions on the form