Auto InsuranceJordan Jones and Keana Lentz

What is Copay?Type of insurance policy where the person

pays a specified amount of out-of-pocket expenses

Health-care services such as doctor visits and prescriptions drugs at the time the service is rendered, with the insurer paying the remaining costs.

What is Premium?An insurance premium is the actual amount

of money you pay for your insurance per year.

What is Deductible?A deductible is the amount of money which

the insured party must pay before the insurance company's own coverage plan begins.

Who needs this insurance?Forty-seven states require that you have at

least some kind of car insurance.Fifteen states including Florida, Maryland,

Michigan, Massachusetts, New York and New Jersey also require that you buy Personal Injury Protection.

Wisconsin does require you to have this type of insurance though.

Different types of insurance?Liability- pays for accidental bodily injury

and property damages to others. Also pays for defense and court cost.

CollisionThis coverage pays for damages to your

vehicle caused by collision with another vehicle or object.

ComprehensiveThis coverage pays for loss or damage to the

insured vehicle that doesn't occur in an auto accident. Things like hail and wind damage and vandalism or theft.

Medical CoveragePays medical expenses regardless of fault

when the expenses are caused by an auto accident.

PIPOr also known as Personal Injury Protection

and only required in some states. Pays medical expenses for the insured driver, regardless of fault, for treatment due to an auto accident.

Why do you need this type of insurance?Pay for medical bills after an accidentShield you from the costly damages of an

accident-related lawsuitProtect you from uninsured or under-insured

motoristsPay for damage repairs due to theft,

vandalism, or natural disasters

Benefits? The deductible for collision coverage is

waived when the crash involves two cars insured by the same company.

Payment for a chipped windshield that's repaired instead of replaced the deductible may also be waived.

Options?Liability, Collision,

Comprehensive, Bodily Injury, Road Side Assistance, and Medical Coverage.

Cost? In 2008 the average cost per year was

$1,600 or $133.33 per month.

Progressive Plans25 year old male. Single. 2012Ford Focus.

*75.35 per 6month and 437 a year45 year old male. Single. 2012 Ford Focus.

*61.35 per 6months and 355 a year65 year old male. Single. 2012 Ford Focus.

*61.18 per 6months and 354 a year

Percent of people who actually have this insurance?84% of people have auto insurance in the

U.S

Life.Kathy, 20, from Richmond, Virginia “I’m still not completely sure what happened, I

remember getting hit, and next thing I know I’m up against a light post on the side of the road. It turns out, the guy that hit me didn’t have any auto insurance. I had wrenched my neck pretty bad, and was in a lot of pain, so I went over to the hospital to get it checked out. I called my insurance company the next morning to report my claim, and was hoping to get reimbursed for my medical bill. Apparently, since the other guy didn’t have insurance, and my plan didn’t have under-insured motorist bodily injury coverage, I was out of luck, and ended up having to be for me $800 medical bill out of pocket.”

Life.State Farm – Real Claim Story

http://www.youtube.com/watch?v=4EC_87X8YrQ

SourcesLyons, Kevin. "Sixteen percent of American

drivers have gone without auto insurance, poll shows." n. page. Print. <http://www.insurancequotes.com/auto-insurance-uninsured-poll/>.

Easey, Cameron. "The average cost of car insurance per month." n. page. Print. <http://www.ehow.com/about_5317367_average-car-insurance-per-month.html>.

Klein, Allsion. "How car insurance works." n. page. Print. <http://auto.howstuffworks.com/buying-selling/car-insurance.htm>.